Greek energy company Mytilineos has reached financial close on three of its solar farms in the southern New South Wales towns of Corowa, Junee, and Wagga Wagga, with a total of $104 million lent from ANZ, Societe Generale and Westpac.
The news marks Mytilineos’ first project financing in Australia, and the first project financing of solar PV projects by the company’s Renewables and Storage Development (RSD) business unit. Mytilineos’ specific renewables unit was formed after the company acquired Metka EGN in 2019, along with its NSW solar farm portfolio. The acquisition was part of Mytilineos’ strategic entrance into the Australian market, which the company says will be key for its expansion into the Asia-Pacific region more broadly.
Mytilineos’ 120 MWp solar farm portfolio financing is structured to allow “money to be drawn for each project at its respective Commercial Operation Date (COD)” and includes a $95 million term loan and $9 million loan for ancillary facilities, it said.
The company noted it had managed to complete project construction in the first half of this year, seemingly referring to its Corowa Solar Farm which became fully operational in June. Its other solar farm in Wagga Wagga announced in April it would receive a 23 MW extension, though it is not clear whether that has been completed. In its statement, Mytilineos said its remaining projects are reaching “maturity stage” with construction slated for 2022.
Whenever the solar farms come online, the majority of the power produced within Mytilineos’ portfolio will be sold to supermarket giant Coles as part of a 10-year Power Purchase Agreement (PPA). The company expects the projects to produce 220 GWh annually.
In addition to this 120 MWp portfolio of solar farms in NSW, Mytilineos also owns the 110 MW Moura Solar Farm in Queensland which it acquired in December 2020. That very same month, the Greek company also bought the 75 MW Wyalong Solar Farm in New South Wales. As of December 2020, the company’s Australian portfolio sat at 400 MW.
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