Global Power Generation (GPG), jointly owned by Spanish energy giant Naturgy and an arm of the Kuwait Investment Authority, has secured a $2.3 billion (USD 1.49 billion) financing platform that will support the continued development of its portfolio of renewable energy assets in Australia.
Naturgy said the financing facility is structured around a portfolio of five operational assets with a combined capacity of 1 GW. These include the 10 MW / 20 MWh ACT battery energy storage system (BESS) in the Australian Capital Territory and a suite of wind farms in New South Wales (NSW) and Victoria.
In addition, the group has a broad portfolio of projects under development and construction including the Cunderdin hybrid solar and battery plant in Western Australia. The project, which includes a 125 MWdc solar plant and a 55 MW / 220 MWh battery, is expected to be commissioned in the coming weeks.
The portfolio also includes the 100 MW Bundaberg and 260 MW Glenellen solar farms being built in Queensland and NSW respectively. The Glenellen project is expected to be commissioned and fully operational by late 2025 while Bundaberg is due to start operations in Q3 2025.
In total, the project portfolio represents a combined installed capacity of more than 1.8 GW, including 818 MW of solar, 758 MW wind, and 245 MW / 600 MWh of battery energy storage.
GPG Chief Executive Office Francisco Bustío said Australia remains a key country in Naturgy’s development strategy due to the enormous potential of its clean energy transition.
Bustío said the new portfolio financing platform, which attracted support from a syndicate of 11 domestic and international banks, is a reflection of the confidence that financial institutions have in the group’s ability to lead that transition.
“The transaction reflects the Naturgy Group’s strong position in Australia, through its subsidiary GPG, as one of the most successful independent electricity producers in recent years and a firm commitment to the consolidation of the platform and its growth for the future,” he said.
Naturgy, which abandoned its planned sale of GPG Australia earlier this year, said the financing facility not only provides a financing platform to support GPG’s growth in Australia but will also strengthen its liquidity.
GPG was expected to be worth about $4 billion but the vendors did not proceed beyond non-binding indicative offers.
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