Maoneng Australia, a solar PV developer and owner of renewable energy assets has reached Financial Close for one of the largest solar farm to have commenced construction in Australia this year.
The 255-Megawatt peak (MWp) Sunraysia Solar Farm is located near Balranald in southern New South Wales and is underpinned by two world-class Power Purchase Agreements (PPAs) which state that University of New South Wales (UNSW) Sydney and AGL Energy will purchase energy from the farm over the course of 15 years.
This 15-year solar supply agreement with UNSW and AGL is said to be the first of its kind in Australia – bringing together a retailer, developer and corporate.
Maoneng has also signed a long-term equity partnership with UK infrastructure investor John Laing, as well as obtained debt financing for the project from Nord L/B, ING, Japan’s Mizuho, Bank of China and National Australia Bank (NAB).
Justin Bailey, Regional Managing Director at John Laing – Asia Pacific said he is very pleased that the company has secured its first solar investment in Australia.
“After carefully evaluating a number of solar opportunities in the market over the last two years, we have invested in Sunraysia Solar Farm, an asset that supports our model to create value through the successful delivery of greenfield infrastructure,” he said.
Local builder, Decmil, has been appointed as the head contractor for the project under an Engineering, Procurement and Construction (EPC) Contract and will undertake the project’s operations and maintenance when the solar farm is in operation.
Maoneng will act as both the construction manager during the construction period and the asset manager during operations.
More information on the project can be found here.