$274 million Financing for 3 ARENA’s solar farms

Allens’ financing team has advised the Australian Renewable Energy Agency (ARENA) in connection with the funding of three solar farms with combined project costs of $274 million.

The three projects form part of a portfolio of 12 projects to receive grant funding from ARENA as part of its large-scale solar competitive round.

The projects include:

Kidston Solar Farm: a 50MW project located in Kidston, Queensland which is being developed by Genex Power;

Collinsville Solar Farm: a 42.5MW project located in Collinsville, Northern Queensland which is being developed by RATCH-Australia; and

White Rock Solar Farm: a 20MW project located near Glen Innes, New South Wales which is being developed by Goldwind Australia.

The Kidston project is supported by a 20-year power purchase agreement under the Queensland Government’s Solar 150 Program, while the Collinsville Project is being developed on the basis of merchant revenue, large-scale generation certificates and a long-term offtake contract with Alinta Energy. White Rock Solar Farm is to be developed and financed on a full merchant basis.

All three projects are expected to reach commissioning by 31 March 2018.

Allens advised ARENA with a team including Rob Watt (Picture), Sarah Glenn, Jamie Guthrie, Jessica O’Sullivan and Natasha Ng.

Involved fees earner: Rob Watt – Allens;

Law Firms: Allens;

Clients: Australian Renewable Energy Agency (ARENA);

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Author: Michael Patrini