PROJECT ROUND-UP: EDP Renewables completes ‘Indiana’s largest solar project’, Gulf utilities price their first ever green bond

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EDP Renewables has signed a 20-year PPA with Hoosier Energy Cooperative for the power generated by its Riverstart solar project. Image: EDP Renewables.

A round-up of the latest projects news, including EDP Renewables completing Indiana’s largest PV project, two Gulf utility companies pricing their first green bonds and an Australian utility linking its project to the national grid.

EDP Renewables completes construction of ‘Indiana’s largest solar project’

13 January 2022: EDP Renewables (EDPR) has completed the construction of its 200MW Riverstart solar farm in Indiana, which EDPR said was the largest in the state based on total capacity.

Conducted under its North American subsidiary, EDPR closed a 20-year power purchase agreement (PPA) with Hoosier Energy Cooperative, which will use the power generated by the solar farm to supply communities in central and southern Indiana and south-eastern Illinois.

Connor, Clark & Lunn Infrastructure bought an 80% equity shareholding in the Riverstart solar farm at the end of 2021.

Gulf utilities price US$700m of green bonds

17 January 2022: Abu Dhabi National Energy Company PJSC (TAQA) along with Emirates Water and Electricity Company (EWEC) have priced green senior secured bonds for an amount of US$700.8 million by Sweihan PV Power Company PJSC (SPPC).

The bonds will be used to refinance existing debt facilities of SPPC, the project company incorporated to build, own and operate Noor Abu Dhabi, the world’s largest single-site solar project currently in operation, TAQA said in a media release.

“This transaction generates significant value for the shareholders of SPPC and EWEC as procurer through an extension to the debt maturity by five years on the back of a five-year power purchase agreement (PPA) extension to 2049, which was secured with the support of the Abu Dhabi Government,” said TAQA.

Powerlink connects 162MW Australian project to the grid

10 January 2022: Australian utility Powerlink has completed its connection of the Columboola Solar Farm to the transmission network in the Western Downs, just West of Brisbane in Queensland.

Columboola Solar Farm is a 162MW project built between Chinchilla and Miles on a 1,009 acre site housing 417,000 PV modules. Connecting it to the grid required building two kilometres of transmission line and completing works at the existing Columboola Substation.

The project is backed by CS Energy, who will buy 100% of the output of the solar farm and sell it on to its large commercial and industrial (C&I) retail customers. 

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EDP Renewables (EDPR) added a total of 465MW of wind and solar capacity in Q1 2022, mainly due to its acquisition of Singaporean developer Sunseap, while it recorded a net profit of €66 million (US$69.8 million), up 75% on the previous year. 
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German conglomerate BayWa benefited from high demand for solar modules during the first quarter of 2022, with its revenues bolstered by the sale of an operational PV plant in the US.

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