Fin close reached on 255-MWp Aussie solar project, John Laing takes 90.1%

Australian-Chinese group Maoneng announced today it has achieved financial close on its 255-MWp Sunraysia Solar Farm project in New South Wales, gearing to start construction this year.

Maoneng Australia has signed long-term equity partnership with UK infrastructure investor John Laing and also obtain debt financing from Nord L/B, ING (EPA:INGA), Japan’s Mizuho, Bank of China (HKG:3988) and National Australia Bank (ASX:NAB). In a separate statement on Friday, John Laing said it will will invest AUD 108.6 million (USD 76.6m/EUR 66.6m), giving it as 90.1% stake in the project.

The photovoltaic (PV) park will be installed near Balranald in one of the sunniest parts of the state of New South Wales. Local builder Decmil Group Ltd (ASX:DCG) will be in charge of the engineering, procurement and construction (EPC) and will also operate and maintain the plant following commissioning, scheduled for 2019.

The project is supported by power purchase agreements (PPAs) with The University of New South Wales (UNSW) and AGL Energy Ltd (ASX:AGL), both of which with a 15-year term.

Maoneng will serve as the project’s construction and asset manager and will keep a 9.9% interest in the project. The company previously said the solar park would be producing 530 GWh of power per year, transmitted via Transgrid’s network in New South Wales and Victoria.

(AUD 1.0 = USD 0.706/EUR 0.613)

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