Acciona Energía secures €263 million financing for its solar farm in Australia

Acciona Energía has finalized a €263 million syndicated loan for the construction of the Aldoga solar farm, located on the central Queensland coast in Australia. This financing was facilitated by Cesce, the Spanish export credit agency, under its green investment policy. The loan was provided by a consortium of four major banks: Banco Santander, BNP Paribas, ING, and J.P. Morgan. Banco Santander acted as Cesce’s agent, while ING served as the ESG (Environmental, Social, and Governance) coordinator.

A €390 million investment

The project, representing a total estimated investment of €390 million, will feature the installation of 820,000 photovoltaic modules and offer an installed capacity of 480 MWp. Construction of the solar farm began in late 2023, with operations expected to commence in mid-2026. Once fully operational, the plant will produce enough electricity to power approximately 185,000 homes while avoiding the emission of about 934,000 tons of CO2 annually.

Operational phase duration and long-term loan

The operation and maintenance phase of the solar farm is scheduled to last 30 years, while the syndicated loan provided by Cesce will cover a period of 15 and a half years. This financing marks the second syndicated green loan that Cesce has granted to Acciona Energía, following the one secured in 2023 for the MacIntyre Wind Farm, also in Australia. In total, Cesce has committed nearly €712 million to fund large-scale renewable energy projects in Australia.