Global Power Generation (GPG) Australia has secured an AU$2.3 billion (US$1.49 billion) financing facility to support the development of its 1.8GW renewable energy and storage portfolio.
The financing was secured from 11 international banks and will supplement a€1 billion (US$1.05 billion) loan that was recently agreed with the European Investment Bank (EIB). This will be used to support investments in new solar PV and onshore wind power plants and the repowering and hybridisation of existing plants in Spain.
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GPG said the finance is centred around its Australian portfolio, which consists of eight operating assets, including six wind farms, a battery energy storage system (BESS) project and one solar-plus-storage project. It also includes two solar PV power plants currently under construction and one solar-plus-storage project under development.
GPG’s Australian portfolio totals 1.8GW, divided between 758MW of wind power, 818MW of solar PV and 245MW/600MWh of energy storage.
The company’s solar PV assets include the 128MW Cunderdin project in Western Australia. The site features a 55MW/220MWh co-located BESS that will be provided by energy storage and inverter supplier Sungrow.
The organisation is also constructing two separate solar PV projects, Glenellen, with a capacity of 260MW, and Bundaberg, with a capacity of 100MW.
As PV Tech reported earlier this year, GPG secured the Glenellen solar PV project through an agreement with solar module manufacturer Trina Solar. It features around 393,960 solar PV modules spread over 300 hectares of land.
“The transaction reflects the strong position of the Naturgy Group in Australia, through its subsidiary GPG, as one of the most successful independent power producers in recent years and a solid commitment to consolidating the platform and its future growth,” said Francisco Bustío, CEO of GPG.
