Abdul Latif Jameel Energy completes refinancing for Australia solar farm
RIYADH, July 13, 2022
Saudi-based Abdul Latif Jameel Energy said one of its units, Fotowatio Renewable Ventures (FRV),
a global renewable energy business, has joined hands with Canadian infrastructure fund Omers for the refinancing of Lilyvale solar farm at Queensland in Australia.
Located in the Central Highlands region, the plant has been generating clean energy since 2019, contributing towards the energy demand and economic development of the local area, whilst helping to drive Australia’s transition to green energy, said a statement from Abdul Latif Jameel Energy.
Spread over 387 hectare area and with net annual energy production capacity of 277,150 MWh, Lilyvale solar farm is capable of meeting the energy demand of up to 45,000 households while also avoiding emissions of 218,900 tonnes of CO2 annually.
This is equivalent to removing 78,138 cars from the roads each year, it stated.
The Saudi group said forming an important part of FRV’s clean energy portfolio, the plant will further drive the company’s mission to support Australia’s clean energy mandate.
It has developed and built almost 800 MWdc of Australian PV assets built or under construction across nine projects for a total project investment value of over $1 billion, it stated.
Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said: “Solar farms remain one of the most effective ways to increase sustainable energy generation. We are committed to paving the way towards a carbon-free world through delivering clean energy solutions."
"By supporting Lilyvale solar farm we are further reinforcing our deep commitment to Australia’s transition to green energy,” he stated.
FRV's Australia CEO Carlo Frigerio, said: "We are delighted to see that Lilyvale Solar Farm continues to contribute to FRV Australia´s commitment to the Australian net zero emission transition. We would like to thank the initial group of lenders who supported the construction and first few years of project’s operations, and we welcome the new lenders."
Christopher Curtain, Senior Managing Director, Asia-Pacific, Omers Infrastructure said: “We wholeheartedly join our FRV colleagues in celebrating this milestone. As a long-term investor, we are pleased to note the enthusiastic interest from the broader market in this specific refinancing opportunity."
"This sentiment speaks to lenders’ steadily-growing appetite for opportunities to back high-quality renewable assets, which bodes well for Australia’s green energy transition,” he added.
The project is the third solar farm completed by FRV Australia and the first in Queensland. Early this year, FRV Australia had inaugurated 2 PV plants in New South Wales, Sebastopol with an output of 90 MWac and Metz with 115 MWac.
Under the terms of the refinancing, Natixis/EDC/NordLB provided syndicated facility following green financing principles.
Under this, Natixis is the mandated lead arranger, underwriter and bookrunner, structuring lender, hedge provider, LC provider and green coordinator, while Export Development Canada (EDC) acting as the mandated lead arranger and NordLB acting as the mandated lead arranger and hedge provider.-TradeArabia News Service
