Greece’s Mytilineos closes financing on 120 MW of Aussie solar farms
Solar panels in New South Wales. Image by NSW Department of Planning and Environment (www.planning.nsw.gov.au/).
Greek industrial group Mytilineos SA (FRA:MYH) on Thursday said it has reached financial close on a trio of solar farms in New South Wales, Australia with a combined capacity of 120 MWp.
The company concluded non-recourse financing of the solar plants with Australia and New Zealand Banking Group Ltd (ANZ), Societe Generale and Sydney-based Westpac Banking Corp.
Mytilineos said its Renewables & Storage Development (RSD) business unit completed construction of the Corowa, Junee and Wagga facilities, each with a capacity of 40 MWp, in the first half of 2021.
Australian retailer Coles Group Ltd (ASX:COL) is buying most of the projects’ power and Large-Scale Generated Certificates (LGCs) under a 10-year power purchase agreement (PPA), which was announced in 2019.
The financing is structured to allow funds to be drawn for each project at its commercial operation date (COD). It consists of a AUD-95 million (USD 69.2m/EUR 61m) term loan for the project and AUD 9 million for ancillary facilities, Mytilineos said.
The Greek company acquired the 120-MWp portfolio in 2019 as part of its entry into the Australian market.
“Australia is a key market for Mytilineos’ global renewables development strategy, extending across the Asia-Pacific, Europe, and Latin America regions,” noted Nikos Papapetrou, general manager of the RSD business unit.
The company said the rest of its Australian projects are reaching the maturity stage and will be ready to kick off construction during 2022.