Acen Australia announced it has successfully closed a $750 million (USD 472 million) financing package that will support the continued development of its pipeline of renewable energy assets across the country, including approximately 13 GW of solar, wind, battery energy storage systems and pumped hydro projects.
The developer, part of Manila-based Ayala Group, said the funding will also support the near-complete 400 MW Stubbo Solar Farm project in western New South Wales (NSW) and builds on the success of the 400 MW first stage of the company’s New England solar project, which generated first power in December 2023.
“This transaction strengthens our funding platform, accelerates our delivery pipeline, and positions us as a capable partner backed by a stable and diverse capital base,” Acen Australia Chief Finance and Investments Officer Phillip Mak said.
The transaction was supported by a group of 11 Australian and international lenders, including ANZ, Cathay United Bank, Commonwealth Bank, CTBC Bank, DBS Bank, Deutsche Bank, HSBC, MUFG, SMBC, UOB, and Westpac.
Acen Australia Managing Director David Pollington said the financing establishes a “robust” funding base for the company’s renewables portfolio, which includes more than 1 GW of capacity in operation and under construction, and a further 13 GW in development across the National Electricity Market.
“Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia,” he said.
CBA Head of Australian Energy and Renewables Neil Fraser said the structured financing will allow Acen Australia to capitalise on its existing assets while providing flexibility to add new assets to the portfolio over time.
“This structure will support Acen Australia as it continues the development of one of the largest renewable energy pipelines in Australia,” he said.
Acen’s Australian portfolio has grown rapidly since it entered the market in earnest in 2021. Its pipeline includes the Birriwa solar and battery project that is to comprise a 600 MW solar farm alongside a battery energy storage system of up to 600 MW with two hours of storage capacity, the 320 MW Narragamba, and the 320 MW Deeargee solar farms, and the proposed 800 MW, 12-hour Phoenix pumped hydro project, all in NSW.
It has also started construction of the 190 MW Axedale Solar Farm in Victoria and has teamed with the Yindibarndi Energy Corporation to develop a 3 GW solar and battery storage project in Western Australia.
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