KfW IPEX-Bank, NordLB and CEFC finance 190-MWp solar farm in Australia

KfW IPEX-Bank, NordLB and the Clean Energy Finance Corporation (CEFC), Australia’s promotional bank for renewable energy, are supporting the Coleambally photovoltaic project in Australia with a long-term loan. The solar power station is being sponsored by the French project developer and long-term investor Neoen which has commissioned Bouygues Construction S.A. to build the plant. A key role will be played by another European company, Schneider, also a French manufacturer, which will supply the project with inverters. The total investment volume for Coleambally will be more than AUD 200 million (above EUR 130 million). All three banks act as mandated lead arrangers in the complex financing structure.

The Coleambally project involves the construction of a new 190-MWp photovoltaic farm in the state of New South Wales in southeastern Australia. The general contractor (EPC) Bouygues Construction S.A. is providing all services needed for the project – supplying and installing the components, construction and start-up of operation – through its Australian office. In addition, the French construction company will also be responsible for the operation and maintenance of the photovoltaic farm for the next 20 years. EnergyAustralia Pty Ltd. signed a long-term power purchase agreement (PPA) to buy a major share of the green energy. TransGrid, the transmission grid operator, will provide the grid connection for Coleambally. The plant is scheduled for completion at the end of September 2018.

Coleambally is expected to generate enough electricity to power more than 50,000 typical homes, while abating about 300,000 tonnes of carbon emissions annually, the equivalent of taking 90,000 cars off the road.

Source: KfWIPEX-BankGmbH