Greek developer Metlen Energy and Metals, formerly known as Mytilineos, has refinanced a 532MW solar PV portfolio in Australia.
The financing, which totals AU$460 million (US$297 million), comprises six operational utility-scale solar PV power plants and a 150MW plant currently under construction in southwest Queensland.
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Metlen confirmed that the financing structure will feature an AU$269 million operating term facility, an AU$158 million construction facility dedicated to the 150MW Munna Creek solar PV plant in Queensland, and an AU$33 million ancillary facility.
Australian multinational banking and financial services company Westpac Banking acted as facility agent, security trustee, account bank, hedging coordinator and structuring bank. Other lenders include Deutsche Bank and Intesa Sanpaolo (IMI CIB Division).
Most of the operational solar PV plants are in New South Wales and Queensland.
The projects located in New South Wales include Corowa (40MW), Junee (40MW), Wagga North (64MW) and Wyalong (75MW). Together, these total 219MW of operational generation capacity.
Readers of PV Tech might remember that the Corowa solar PV power plant, located on the bank of the Murray River near the border with Victoria, was the fourth best-performing utility-scale solar asset, in terms of AC capacity factor, for March 2025.
Two operating solar PV power plants are located in New South Wales’ northern neighbour, Queensland. These are the Moura (110MW) and Kingaroy (53MW) solar PV power plants.
Metlen, when it was operating as Mytilineos, reached financial close on the Moura, Kingaroy and Wyalong power plants in December 2022. Westpac and ANZ provided the financing.
The Moura power plant also ranked second-best as April’s top-performing utility-scale solar PV asset, in terms of AC capacity factor.
The solar PV plant is located 6.5km southwest of Banana, a rural town in central Queensland. The town gets its name from a well-known working bullock who went by the same name in the 1850s.
Metlen has confirmed that most of its portfolio’s power and large-scale generation certificates (LGCs) are sold under 10-year power purchase agreements (PPAs) with various offtakers. This includes CS Energy, Coles, Telstra, National Broadband Network, Smartest Energy and Zen Energy.
