FRV secures financing for 1 GW solar, battery storage portfolio in Australia

FRV Australia has announced an AUD1.2 billion refinancing of its 1 GW or so Australian renewable energy portfolio of operating and under-construction assets.

The finance will secure construction of FRV Australia’s first standalone battery energy storage system, the 100 MW/200 MWh Terang site in Victoria. The new borrowing will also fund FRV’s planned 250 MW / 500 MWh Gnarwarre battery project, also in Victoria. 

Those facilities will follow the company’s first Australian battery project, a 2.5 MW/5 MWh energy storage system delivered as part of the Dalby Hybrid Power Plant in Queensland, a solar-plus-storage site which has commenced operation.

FRV, which is owned by Saudi’s Abdul Latif Jameel Energy and Canadian pension fund Omers, said the financial transaction also involves the refinancing of its entire portfolio of eight large scale solar farms, including the 125 MW Lilyvale and Dalby projects in Queensland, and the 106 MW Winton Solar Farm in Victoria. The portfolio also includes the 69.75 MW Goonumbla, 115 MW Metz, 56 MW Moree, 90 MW Sebastopol, and 300 MW Walla Walla solar farms, all in New South Wales.

FRV Australia chief executive Carlo Frigerio said the refinancing process will guarantee not only financial support for all the operational and under-construction plants but will also provide solid backing for future growth in Australia.

“We are thrilled to achieve this significant milestone in our journey,” said Frigerio. “This refinancing not only secures the future of our current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia.”

FRV said the debt package includes a term loan that refinances the actual debt of the portfolio plus a letter-of-credit and a working capital facility that will support FRV Australia’s development activity across the country.

The refinancing process involved 11 domestic and international financial institutions including the Clean Energy Finance Corporation, ING Bank, Westpac Banking Corporation, and Société Générale.

From pv magazine Australia.