Neoen Australia 1.8 billion debt finance raise backs a 1.2 GW portfolio

France-headquartered clean energy developer Neoen Australia has raised a debt financing package of $1.8 billion (USD 1.2 billion), for a 1.2 GW portfolio of projects that includes the Culcairn and Hornsdale battery storage projects and 440 MWp Culcairn Solar Farm.

The 13 Australian and international lenders involved are the Clean Energy Finance Corporation (CEFC), the NAB, Westpac, ANZ, Bank of China, HSBC, Export Development Canada, ING, KfW IPEX, Mizuho, UOB, Société Générale, and Bank of America.

Fives assets are included in the raise and involve two projects in South Australia (SA) being the 150 MW / 193.5 MWh Hornsdale Power Reserve and the 209 MW Goyder South Wind Farm Stage 1A, two in New South Wales (NSW), the 440 MWp Culcairn Solar Farm and 215 MW / 963 MWh Culcairn Battery, and one in Western Australia (WA), the 179 MW Narrogin Wind Farm.

Neoen’s Regional Chief Executive Officer Australia Pacific Jean-Christophe Cheylus said the company values the continued support of its long-term partners.

“We welcome the arrival of new lenders. This landmark transaction underlines the strength, depth and growth of our portfolio in Australia,” Cheylus said.

Neoen’s Group Chief Executive Officer Xavier Barbaro congratulated the Neoen team on the successful completion of this portfolio financing in Australia.

“It is our largest financing to date. This transaction reflects the quality and diversity of our assets and demonstrates our ability to optimise our financing structure and strengthen our balance sheet,” Barbaro said.

“This, in turn, reinforces our capacity to invest in new projects and to consolidate Neoen’s position as the leading player in Australia’s energy transition.”