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Neoen raises €660m for 1.5GW Australian assets

RICHARD HEAP

February 27, 2024

French developer Neoen has raised a A$1.1bn (€660m) debt package in Australia to re-finance projects and support new developments.

Neoen secured the funding from 11 Australian and international lenders for a 1.5GW portfolio of eight wind, solar and storage assets in five Australian states. The funds support the refinancing of around A$700m (€423m) of project debt backed by operational and new schemes.

The portfolio of operating assets includes four wind farms (Bulgana Green Power Hub in Victoria and Hornsdale 1, 2 and 3 in South Australia); three solar farms (Numurkah in Victoria, Western Downs in Queensland, and Coleambally in New South Wales); and the 219MW / 877MWh Collie Battery Stage 1 storage project that is due to be commissioned in Western Australia this year.

The financing is from a group of eleven Australian and international lenders: ANZ, Bank of China, Clean Energy Finance Corporation, CBA, China Construction Bank Corporation, The Hongkong & Shanghai Banking Corporation, ING, Mizuho, ​​MUFG Bank, Société Générale, and Westpac.

Louis de Sambucy, managing director of Neoen Australia, said: “This transaction demonstrates the exceptional value of our portfolio and strengthens our business model of holding and operating our own assets over the long term. With this funding, we are more confident than ever in our ability to reach 10 GW in Australia by 2030.”

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