FRV secures debt for 67.8-MW solar park in Australia

Fotowatio's Moree solar farm in Australia. Image by Fotowatio (frv.com).

July 19 (Renewables Now) - Spain-based Fotowatio Renewable Ventures (FRV) said on Thursday it has secured financing for the 67.8-MW Goonumbla solar project in Australia and aims to have the plant online in 2020.

The renewables developer, part of Saudi Arabia's Abdul Latif Jameel Energy, has closed a financing agreement with Dutch ING Group (AMS:INGA) and Germany’s DZ Bank AG. The exact amount of the provided debt was not disclosed, while FRV said that ING has taken the majority stake in the financing package.

Located near the town of Parkes, in New South Wales, the Goonumbla solar park is estimated to feed 195,000 MWh of electricity annually into the national power grid, which the developer expects to be enough to supply over 45,000 local homes. The plant will operate under a power purchase agreement (PPA) with Snowy Hydro after the project was selected in the electricity retailer’s Renewable Energy Procurement Programme last year.

FRV noted that Goonumbla is its sixth project in Australia where it has spent USD 700 million (EUR 621.6m) since 2012.

(USD 1.0 = EUR 0.888)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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