This is a press release issued by FRV
Leading developer of sustainable energy solutions, Fotowatio Renewable Ventures Australia, as part of Abdul Latif Jameel Energy and Canadian infrastructure fund OMERS, has completed the refinancing of Lilyvale solar farm in Queensland.
The plant has been generating clean energy since 2019, contributing towards the energy demand and economic development of the local area, while helping to drive Australia’s transition to green energy.
Located in the Central Highlands region and spanning over 387-hectare land with net annual energy production capacity of approximately 277,150 MWh, with an output of 100MWac, capable of meeting the energy demand of up to 44,000 households while also avoiding emissions of 218,900 tons of CO2 annually. This is equivalent of removing 78,138 cars from the roads each year.
Forming an important part of FRV Australia’s clean energy portfolio, the plant will further drive FRV Australia’s mission to support Australia’s clean energy mandate. The company has developed and built almost 800 MWdc of Australian PV assets built or under construction across 9 projects for a total project investment value of over 1 billion dollars.
Under the terms of the refinancing, Natixis/EDC/NordLB provided syndicated facility following green financing principles, with:
- i) Natixis acting as the Mandated Lead Arranger (MLA), Underwriter and Bookrunner, Structuring Lender, Hedge Provider, LC Provider and Green Coordinator;
- ii) Export Development Canada (EDC) acting as the Mandated Lead Arranger (MLA) and;
iii) NordLB acting as the Mandated Lead Arranger (MLA) and Hedge Provider.
FRV Australia’s, 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“.
The project was the third solar farm completed by FRV Australia and the first one in Queensland and it is underpinned by a PPA with Ergon Energy Retail signed in 2017 for its full capacity. In 2022 FRV Australia has inaugurated 2 PV Plants in New South Wales, Sebastopol with an output of 90 MWac and Metz with 115 MWac.
Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel remarked: “Solar farms remain one of the most effective ways to increase sustainable energy generation. We, at Abdul Latif Jameel Energy, 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”
Christopher Curtain, Senior Managing Director, Asia-Pacific, OMERS Infrastructure commented: “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.”
– ENDS-
