January 14 (Renewables Now) - UK-based Octopus Investments and Australian renewables developer Edify Energy have arranged over AUD 450 million (USD 324m/EUR 282m) in financing for the Darlington Point solar project in New South Wales.
An announcement from today says that the Commonwealth Bank of Australia and Westpac will jointly provide debt to the project.
Edify Energy, which developed and structured the scheme and will retain an equity stake upon completion, said in a statement that the particular project will enter the construction phase shortly. The solar park will be built at Darlington Point, near Griffith and will have a capacity of 275 MW, or 333 MW in direct current (DC).
Once up and running in early 2020, the solar plant will be generating some 685,000 MWh of electricity per year. About 55% of its output will be sold to Delta Electricity, which is the owner of a local coal-fired power complex.
The announcement notes that Darlington Point is Octopus Investments’ first deal since entering the Australian market last year.
(AUD 1.0 = USD 0.719/EUR 0.628)