Neoen completes financing for Western Downs Green Power Hub
Neoen has completed financial close on Western Downs Green Power Hub, a 460MWp solar farm located near Chinchilla in south-west Queensland.
Entirely owned by Neoen, Western Downs will be the largest solar farm in Australia and deliver clean energy into Powerlink’s transmission network and bringing significant economic benefits to the region.
The project will contribute over 30% of the energy required for CleanCo to meet its target of 1GW of new renewable energy generation by 2025. CleanCo is focused on activities that contribute to achieving the sunshine state’s 50% renewable energy target by 2030 and create new investment and jobs in regional Queensland.
Total project costs will amount to approximately $600 million, with debt provided by a syndicate of seven lenders: Natixis, Société Générale, Sumitomo Mitsui Banking Corporation, MUFG Bank, NORD/LB, HSBC and Commonwealth Bank of Australia.
The investment is expected to create over 400 construction jobs in the local area and South West Queensland region.
“We are delighted to announce that Western Downs Green Power Hub has reached this important financial milestone. It represents a major achievement in a challenging environment,” Neoen Australia managing director Louis de Sambucy says.
“I would like to congratulate the team and thank our bank group and advisors for their trust and commitment. We are extremely proud to be partnering with CleanCo and Powerlink and we’re looking forward to playing our part in helping Queensland reach its ambitious target of 50% renewable energy by 2030’.”
CleanCo Queensland chief executive Maia Schweizer says the company is thrilled to be involved in the Western Downs Green Power Hub, which will help drive electricity affordability and create regional growth and jobs for Queenslanders.
“Generation from projects like the Western Downs Green Power Hub and our portfolio of hydro and gas allows us to supply reliable clean energy products tailored to commercial and industrial customers at competitive prices,” she says.
For more information: www.neoen.com.