Australia’s CEFC backs 200 MW of large-scale Queensland solar projects
A hefty solar portfolio financing deal has been secured for two of Sydney-based developer Edify Energy’s latest large-scale projects – the 150MW Daydream Solar Farm and the 50MW Hayman Solar Farm located in northern Queensland.
A combined $90 million is coming from the Clean Energy Finance Corporation (CEFC), as part of a syndicated debt facility involving Commonwealth Bank and French investment bank Natixis. In addition, BlackRock Real Assets, on behalf of its clients, is providing equity towards the projects.
In the vicinity of the two solar farms, which are about to break ground and set to be fully operational in 2018, are two more solar projects already under construction – the 57.5MW Whitsunday Solar Farm and the 57.5MW Hamilton Solar Farm. Not too far away, at the site of the Collinsville power station, is another 42 MW solar farm developed by RATCH-Australia Corporation. All five solar projects are financially underpinned by the CEFC.
The finance is part of the CEFC’s broader investment in both large and small-scale solar, which now involves commitments of more than $900 million for projects and programs valued at around $2.7 billion.
CEFC CEO Ian Learmonth said the continued growth in large-scale solar projects in high insolation areas like north Queensland made enormous sense as part of the Australian economy’s transition to net zero emissions by the second half of the century.