Australian solar developer ESCO Pacific has secured more than A$4m from a consortium of global investors to use as seed capital for a pipeline of solar projects totalling 1GW.
ESCO Pacific has already secured 500MW of projects, which range in size between 50MW and 200MW.
The company plans to develop the projects from initial feasibility right through to a ‘ready to build’ status before assessing the most optimal route to market.
The fund-raising process led by Lennox Partners, a London-based clean energy corporate finance firm.
ESCO Pacific chief executive officer Steve Rademaker said: “We have formally executed land rights on our first four projects in Queensland and we are on track to secure additional opportunities before the end of the year.
“The capital raised will enable ESCO Pacific to develop our growing pipeline to international project finance standards and we expect to have at least 300MW ready to build within the next 12 months.
“We will be making some strategic hires to fill key positions required to bring these projects to market.”
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