Neoen has completed the financing of a 1500MW portfolio of diversified renewable energy assets, raising over AUS$1bn (€664m) of debt with maturity of five years and seven years.
The deal is one of the largest for a renewable energy portfolio in Australia.
It covers a significant portion of Neoen’s diversified holdings of Australian solar, wind and battery storage assets.
The debt raised allows the refinancing of approximately AUS$700m of single asset-level debt with the remainder dedicated to the financing of new assets, the first of which is the 219MW Collie Battery Stage 1b in Western Australia.
The transaction was well received as a result of the portfolio’s high levels of contracted revenue and its asset mix of three different technologies across five states.
The financing package provides Neoen with further flexibility to grow the platform in the future.
Debt is being provided by a group of 11 major Australian and international lenders including ANZ, Bank of China, Clean Energy Finance Corporation, CBA, China Construction Bank Corporation, The Hongkong & Shanghai Banking Corporation, ING, Mizuho, MUFG Bank, Societe Generale and Westpac.
The portfolio of operating assets incorporates three solar farms (Numurkah Solar Farm in Victoria, Western Downs Green Power Hub in Queensland and Coleambally Solar Farm in New South Wales) and four wind farms (Bulgana Green Power Hub in Victoria and Hornsdale Wind Farms 1, 2 and 3 in South Australia).
Neoen Australia’s chief executive Louis de Sambucy said: “We are delighted to announce this landmark financing of a portfolio of Neoen assets, and we sincerely thank all our lenders for their trust and commitment.
“This transaction demonstrates the unique combined value of our portfolio and strengthens our business model of long-term owner and operator. It provides a solid foundation for achieving our ambition of 10 GW in Australia by 2030.”
Neoen’s chairman and chief executive Xavier Barbaro added: “I would like to congratulate the Neoen Australia team on completing this major portfolio financing, which is the largest one in Neoen’s 15-year history.
“It demonstrates Neoen’s unparallelled ability to create value, thanks to its maturing and diversified asset portfolio, and thus provide a catalyst for our future growth in Australia and around the world.”