Fotowatio Renewable Ventures (FRV) Australia, owned by Saudi Abdul Latif Jameel Energy and Canadian pension fund Omers, has announced a $1.2 billion (USD 780 million) refinancing of its Australian renewable energy portfolio of about 1 GW of operating and under-construction assets.
FRV said the financial transaction involves the refinancing of its entire portfolio of eight large-scale solar farms, including the 125 MW Lilyvale and Dalby projects in Queensland, and the 106 MW Winton Solar Farm in Victoria. The portfolio also includes the 69.75 MW Goonumbla, 115 MW Metz, 56 MW Moree, 90 MW Sebastopol, and the 300 MW Walla Walla solar farms, all in NSW.
The new facility also secures construction funding for FRV Australia´s first stand-alone battery energy storage system project.
Included in FRV’s development pipeline are the 100 MW / 200 MWh Terang and the 250 MW / 500 MWh Gnarwarre battery projects, both in Victoria. They follow the company’s first Australian battery project, a 2.5 MW / 5 MWh energy storage system delivered as part of the Dalby Hybrid Power Plant in Queensland, had commenced operations.
FRV Australia Chief Executive Officer Carlo Frigerio said the refinancing process will guarantee not only the financial support for all the operational and under-construction plants but also provide solid backing for future growth in Australia.
“We are thrilled to achieve this significant milestone in our journey,” he said. “This refinancing not only secures the future of our current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia”.
FRV said the debt package includes a term loan that refinances the actual debt of the portfolio plus a letter of credit facility and a working capital facility that will support FRV Australia´s development activities across the country.
The refinancing process involved 11 domestic and international financial institutions, including the Clean Energy Finance Corporation, ING Bank, Westpac Banking Corporation, and Société Générale.
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