French independent power producer (IPP) Neoen has reached financial close on the 460 MW Western Downs Green Power Hub.
The announcement comes just five months after Neoen secured a contract to sell most of the future plant’s energy to Queensland government-owned renewable energy generator CleanCo. CleanCo has agreed to purchase the power output from 352 MWp of the project’s 460 MWp capacity.
Since selecting Nextracker’s optimized bifacial tracking system for the project earlier this month, there is now very little standing in the way of EPC Sterling and Wilson getting down to business in the fourth quarter. The two parties look to complete construction in little over a year.
With the financing now in place, Neoen will retain a 100% equity stake in the project. The project will cost an estimated AUD 600 million (US$428 million). Debt will be provided by seven international lenders, including the Commonwealth Bank of Australia.
Neoen’s ability to execute large projects is well established, be it under the company’s other PPA with CleanCo for the 110 MW Kaban Green Power Hub in Far North Queensland, or the recent completion of its 50% expansion of the Hornsdale Power Reserve.
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