Vena Energy has reached financial close on the first stage of its 125MW Wandoan South solar project in Queensland, Australia.
DBS, ING, Intesa Sanpaolo, OCBC Bank, and SMBC have agreed to provide debt and ancillary facilities to the scheme.
Construction of the solar farm in the Western Downs region commenced earlier this year and is expected to generate a peak workforce of around 350 people, the Singapore-based developer said.
Once complete, it will be capable of producing up to 365 gigawatt hours of energy annually.
Head of Vena Energy Australia Owen Sela added: “We are committed to accelerating the development of innovative renewable energy projects and generation of clean, sustainable energy in Australia.
“Even accounting for recent cost inflation trends, solar PV is still one of the most cost-competitive sources of energy in Australia today.
“With the Wandoan South Solar Project, Vena Energy continues to serve its customers’ demand for affordable and clean electricity whilst helping them decarbonise and contribute towards Australia’s net-zero targets.”
Elaine Lam, head of global corporate banking at OCBC Bank, said: “We are pleased to support Vena Energy Australia on this green loan for its Wandoan South Solar Project that will deliver affordable, clean energy.
“It is our first solar project in Australia and will add to the encouraging growth momentum of our global renewable energy projects portfolio.”
In the funding arrangement, DBS acted as the Joint-Green Structuring Bank, Financial Model Coordinator and Facility Agent; Intesa Sanpaolo as the Joint-Green Structuring Bank; and SMBC as the Technical Coordinator and Project Account Bank.