Image: Lightsource BP.
Lightsource BP has signed financing agreements to develop its maiden utility-scale solar project in Australia.
The BP-backed developer has agreed a senior debt facility with Dutch bank ING and Export Development Canada (EDC) to fund the 200MWp project, located near Wellington in New South Wales.
As well as being Lightsource BP’s first in Australia, it is the largest single plant the developer has signed financing terms for to date and is also amongst the first to use bifacial panels in Australia.
Lightsource BP has turned to Canadian Solar to supply the panels, while Array Technologies’ single-axis trackers will be used in a combination, which the company said would allow it to operate the site to “maximum efficiency”.
The project is expected to generate around 435,000MWh of power each year, the majority of which is to be sold under a 15-year power purchase agreement to Australian energy supply firm Snowy Hydro.
ING are to underwrite two-thirds of the project financing and EDC the remaining third. National Australian Bank is to act as facility agent and security trustee on behalf of the two financiers.
Adam Pegg, Lightsource BP’s country manager for Australia, said the project was “just the beginning” of the company’s ambition in the country’s solar market.
“Our team is hard at work advancing a number of projects across the NEM [National Electricity Market]. We’re proud to be pushing the low-carbon transition forward in this country, and to be contributing to the company’s wider goal of achieving 10GW of solar in the next five years,” he said.
Lightsource BP is on a hot streak having recently announced a string of deals in some of the world’s most promising solar markets. Having clinched a multi-gigawatt pipeline in Brazil earlier this summer, a flurry of activity in the US market was followed last week by the company snapping up its first portfolio of projects in Spain.
Dec 15, 2020 GMT
Hear from market leaders experienced with delivering the largest projects and portfolios in the UK. Understand the challenges they face bringing NSIP (Nationally Significant Infrastructure Project) projects and multi-GW portfolios to shovel ready stage and hear their perspectives on the continued growth of UK solar and the construction boom expected over the next few years.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
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