French independent power producer (IPP) Neoen has secured AU$1.4 billion (US$890 million) in capital to fuel new solar PV, wind and energy storage projects in Australia.

The financing was provided by international banks KfW IPEX-Bank, Mizuho, MUFG, SMBC, Societe Generale, Bank of China, The Hong Kong & Shanghai Banking Corporation, ING, ANZ, Westpac, and Australia’s Clean Energy Finance Corporation (CEFC).

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Neoen, which is set to be acquired by Canadian asset manager Brookfield, confirmed today (18 December) that the capital raise would support its existing 66MW Parkes, 36MW Griffith and 28MW Dubbo solar PV plants in New South Wales, alongside the 157MW Kaban Green Power Hub in Queensland, comprising wind generation. It will also be distributed across Australia to develop an additional 1.3GW of renewable energy generation and energy storage capacity.

Although not all projects were named, the CEFC stated that its AU$100 million would be allocated to the 341MW/1,363MWh Collie Battery Stage 2 in Western Australia, the 270MW/540MWh Western Downs Battery Stage 1 in Queensland, and the 440MW Culcairn solar PV plant in New South Wales. It is worth noting that the Culcairn solar PV plant has the option to add a 100MW battery energy storage system (BESS) at a later date.

Neoen Australia’s CEO Jean-Christophe Cheylus believes the financing underlines the “unique depth of Neoen’s Australia portfolio”.

“It serves to strengthen our owner operator business model and provides us with a solid foundation for future growth,” Cheylus added.

To read the full article, please visit Energy-Storage.news.

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