June 7 (Renewables Now) - France’s Total Eren has secured all needed funds for the construction of a 256.5-MWp solar park in Australia, in which the Clean Energy Finance Corp (CEFC) will be a minority shareholder.
The French renewables developer said on Wednesday it has achieved financial close on the project after receiving around USD 175 million (EUR 155.2m) in debt financing from Australia and New Zealand Banking Group (ASX:ANZ), ING (AMS:INGA) and Natixis (EPA:KN). Additionally, it has obtained USD 35 million after CEFC, Australia’s state-owned green bank, purchased an equity stake in the project, giving it a minority shareholding.
The Kiamal photovoltaic (PV) farm will be located in the state of Victoria, comprising over 718,000 PV panels with single-axis trackers. Once completed later this year, it will be Victoria’s largest solar park, generating enough power to supply over 133,500 local homes. Its construction was initiated in October 2018 by a group led by Biosar Australia.
The project already has four power purchase agreements (PPAs) -- with Mars Australia, Flow Power, Alinta Energy and a collective of 13 Victorian water corporations. A large-scale generation certificates (LGCs) agreement with Origin Energy is also in place.
Total Eren said it plans to expand the Kiamal solar farm with a second stage of up to 213.5 MWp and is exploring commercial options for 270 MW/1,080 MWh of approved energy storage.
(USD 1.0 = EUR 0.887)