Global solar developer Lightsource bp has firmed up AU$540 million (US$365 million) in green financing to fund the development of two Australian PV projects in Victoria and New South Wales.
The Wellington North and Wunghnu solar projects represent a combined 515MW of capacity. Financing for the projects was secured from ANZ, ING, Mizuho, NORD/LB and Westpac, and has been structured as a green financing loan, with ANZ, ING and Westpac fulfilling acting as joint green loan coordinators.
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Lightsource bp also entered into a power purchase agreement (PPA) with Australian building manufacturing and supply company Boral, in addition to existing PPAs with Engie, Australian multinational Orica and Mars Australia.
Adam Pegg, managing director of Lightsource bp Australia and New Zealand said: “This is a fantastic achievement from the Lightsource bp team, and I’m grateful for the strong support from our customers, the local communities in which we operate, and these lenders. This milestone now sees Lightsource bp become the leading solar developer and owner in Australia on a MWac[1] basis.”
Lightsource bp said it has reached financial close and construction on over 1GW of PV capacity in Australia since establishing a presence in 2018. Construction for these projects began in August this year.
Lightsource bp has announced a number of international projects recently, including a 210MW solar PV plant in Brazil, a 250MW Arkansas project and a 150MW plant in Taiwan co-located with local fisheries.