Australian renewables developer Epuron and Infradebt, a private sector infrastructure fund manager, have announced the close of a $22 million senior debt facility for Epuron’s portfolio of operating solar assets in the Northern Territory.
The facility covers 4 MW of ground mounted, solar tracking capacity at the Uterne Solar Farm at Alice Springs; 1.8 MW of ground and roof mounted solar capacity at the Voyages Ayers Rock Resort located at Yulara; and 1 MW of ground mount solar and batteries at the communities of Ti Tree, Kalkarindji and Lake Nash.
It refinances the initial debt finance provided by the Clean Energy Finance Corporation (CEFC), including the $13 million under a structured project finance facility for construction of Uterne 2, a 3.1 MW expansion of Epuron’s 1.0 MW solar PV power plant in Alice Springs.
“Epuron would like to recognise the CEFC for its support over the last 4 years and is excited to have Infradebt on board as a finance partner,” said Martin Poole, Co-Founder of Epuron.
The loan represents the seventh investment (across 16 individual projects) by the Infradebt Ethical Fund since its first close in September 2017.
“Infradebt is pleased to finalise the refinancing of the Epuron portfolio, we have worked closely with Epuron to provide a highly customised facility that complements the unique attributes of the underlying projects,” said Alexander Austin, Infradebt CEO.
“We look forward to working with Epuron in the future and assisting them with their future development pipeline.”
Alongside U.K. firm Island Green Power, Epuron is the developer behind the Northern Territory’s largest renewable energy generator – the 25 MW Katherine solar park.
The $40 million solar PV project was greenlit by the NT government last month with the expectation to increase renewable energy use in the Territory by between 3 and 4%, and bring it closer to its 50% renewables target by 2030.
The project has secured a long-term offtake deal with government-owned utility Jacana Energy and is scheduled to break ground by the year’s end.