Lightsource bp lands finance for Australian solar farms – pv magazine Australia

by | Dec 14, 2022 | Engineer

Renewable energy developer Lightsource bp will begin full construction activities on two large-scale solar projects with a combined installed capacity of 515 MWdc in Australia after successfully closing a $540 million (USD 365 million) financing package.
The Wellington North Solar Farm is due to be completed in 2024.
Image: Lightsource bp
Lightsource bp, an equal joint venture between renewables developer Lightsource and Britain-headquartered oil giant bp, confirmed it has reached financial close on its 425 MWdc Wellington North Solar Farm being developed near Dubbo in central west New South Wales (NSW) and the 90 MWdc Wunghnu Solar Farm in Victoria’s Goulburn Valley.
Engineering, procurement, and construction contractor Gransolar has already commenced early works at the project sites but Lightsource bp said it will now issue full notice to proceed on both projects, which are expected to be completed in 2024.
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 – where the funding is earmarked by lenders for new projects that create positive environmental outcomes.
Lightsource bp also entered into a power purchase agreement (PPA) with Australian building manufacturing and supply company Boral. The agreement is in addition to existing offtake deals with electricity retailer Engie and industry heavyweights Orica and Mars Australia.
Image: Gransolar
Lightsource bp’s Managing Director for Australia and New Zealand, Adam Pegg, said reaching financial close on the projects is a testament to the strength and resilience of the company.
“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,” he said. “This milestone now sees Lightsource bp become the leading solar developer and owner in Australia on a MW basis.”
Pegg said Lightsource bp has reached financial close and construction on more than 1 GWdc of PV capacity in Australia since establishing a presence in 2018.
Lightsource BP, which announced in 2021 that it plans to reach 25 GW of solar project capacity by 2025, has nominated Australia as one of its key markets and now has five projects in operation and under construction across NSW, Queensland, and Victoria.
Image: Lightsource bp
The company already has a 200 MW solar farm at Wellington in operation, and is scheduled to complete the 107 MWdc West Wyalong project in NSW, and 214 MWp Woolooga Solar Farm in Queensland by the end of the year.
More projects in their early stages include the 520 MW Goulburn River Solar Farm, the 840 MW Sandy Creek Solar Farm and the 400 MW Gundary Solar Farm, all in NSW. It is also developing the 364 MW West Mokoan Solar Farm and the 50 MW Mokoan Solar Farm in Victoria.
Lightsource bp said it is also exploring other investment opportunities in the renewable energy sector, including co-location of wind, battery storage, and integration with green hydrogen production.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
More articles from David Carroll
Please be mindful of our community standards.
Your email address will not be published. Required fields are marked *







By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.
Legal Notice Terms and Conditions Privacy Policy © pv magazine 2022
pv magazine Australia offers bi-weekly updates of the latest photovoltaics news.
We also offer comprehensive global coverage of the most important solar markets worldwide. Select one or more editions for targeted, up to date information delivered straight to your inbox.
This website uses cookies to anonymously count visitor numbers. To find out more, please see our Data Protection Policy.
The cookie settings on this website are set to “allow cookies” to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click “Accept” below then you are consenting to this.
Close

source