FRV refinances debt of 100-MW solar park in Queensland

Global sustainable energy developer and power producer Fotowatio Renewable Ventures (FRV) said today that its Aussie unit has completed a refinancing deal for its 100-MW Lilyvale solar farm in Queensland.

Located in Queensland’s Central Highlands region, the photovoltaic (PV) park was switched on in 2019 and is generating around 177,150 MWh of electricity per year. Its annual output is equal to the electricity consumption of up to 40,000 local homes. The plant, which occupies a land area of over 387 ha (957 acres), operates under a power purchase agreement (PPA) with local power retailer Ergon Energy Retail.

Syndicated debt for the refinancing was provided by Natixis, Export Development Canada and NordLB. The amount of the funding was not disclosed.

Fotowatio Renewable Ventures Australia is jointly owned by FRV and Canadian investor and asset manager Omers Infrastructure. The latter agreed to buy a 49% stake in the Australian company in October 2021.

FRV is part of Saudi Arabia's Abdul Latif Jameel Energy. In Australia, the company owns close to 800 MW of solar PV capacity, both in operation and under construction, representing a combined investment of over AUD 1 billion (USD 678m/EUR 671m).

(AUD 1.0 = USD 1.475/EUR 1.490)

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