Lightsource BP has successfully closed on a A$540m (US$365m) portfolio green financing package and will begin full construction activities on its Wellington North and Wunghnu solar projects located in New South Wales and Victoria.
Construction by Gransolar on both projects began under early work agreements in August 2022, with full notice to proceed to be issued and commercial operations are expected in 2024.
Together with its Wellington, West Wyalong, and Woolooga projects, Lightsource bp now has over 1GWdc of generating capacity in construction and operation in Australia, which is enough to power over 350,000 Australian homes.
Financing for the projects was secured from ANZ, ING, Mizuho, NORD/LB, and Westpac.
The debt package has been structured as a green financing loan, with ANZ, ING, and Westpac as Joint Green Loan Co-ordinators. A Green financing loan is where the funding is earmarked by lenders for new projects that create positive environmental outcomes.
Lightsource bp has also entered into a Power Purchase Agreement with Boral, in addition to the previously announced PPAs with ENGIE, Orica and Mars Australia.
Adam Pegg, Managing Director, Lightsource bp Australia and New Zealand, said: “We are proud to reach financial close on these projects, and we welcome the backing from ANZ, ING, Mizuho, NORD/LB, and Westpac.
“This is a fantastic achievement from the Lightsource bp team, and I’m grateful for the strong support from our customers, the local communities in which we operate, and these lenders. This milestone now sees Lightsource bp become the leading solar developer and owner in Australia on a MWac basis.
“It is an incredible effort to reach financial close and construction on 841MWac/1,037MWdc since setting up the business in Australia in 2018.”