October 24 (Renewables Now) - Lightsource BP, the solar power company backed by BP Plc (LON:BP), has signed financing agreements for a 200-MWp solar park in New South Wales, its maiden photovoltaic (PV) project in Australia.
To be located near Wellington, the solar farm will be equipped with single-axis trackers by Array Technologies Inc and with Canadian Solar bifacial panels, which will rank it among the first utility-scale PV plants in Australia using such panels. Construction activities are due to begin shortly, Lightsource BP said on Wednesday.
The BP-backed developer will obtain a senior debt facility from Dutch lender ING (AMS:INGA) and Export Development Canada (EDC), with ING underwriting two-thirds of the project debt. The National Australian Bank (NAB) will act as facility agent and security trustee on behalf of the two lenders.
Once completed, the solar park will generate about 435,000 MWh of electricity annually, which will be enough to cover the demand of almost 72,500 homes. Most of its output will be sold to utility Snowy Hydro under a 15-year power purchase agreement (PPA).