Lightsource bp invests A$540 million

Lightsource bp closes $540 million Australian green financing portfolio with ANZ, ING, Mizuho, NORD/LB and Westpac
Lightsource bp

Lightsource bp closes $540 million Australian green financing portfolio with ANZ, ING, Mizuho, NORD/LB and Westpac

Two projects in Australia

Lightsource bp announces the start of construction activities on its Wellington North and Wunghnu solar projects. Both projects are located in the Australian region of New South Wales. Adam Pegg, Managing Director of Lightsource bp Australia and New Zealand, says:

“We are proud to have reached financial close on these projects and are pleased with the support of ANZ, ING, Mizuho, NORD/LB and Westpac. This is a fantastic achievement by the Lightsource bp team, and I am grateful for the strong support of our customers, the local communities in which we operate and these lenders. This milestone now allows Lightsource bp to become the leading solar developer and owner in Australia. This is an incredible effort to achieve financial close and construction on 841 MWac/1,037 MWdp since the company’s inception in Australia in 2018.”

The company says Gransolar’s construction of both projects began under advance work agreements in August 2022. In addition, the company indicates that commercial operations will take place in 2022. With its Wellington, West Wyalong and Woolooga projects, the company now has over 1GWdc.

In addition, the company now becomes the leading solar developer and owner in Australia on a MWac basis. Lightsource bp also entered into a power purchase agreement with Boral. This agreement joins the previously announced PPAs with ENGIE, Orica and Mars Australia.

Financing projects

With this production capacity under construction and in operation, Lightsource bp is able to supply approximately 350,000 Australian homes. Aaron Ross, Head of Project and Export Finance, Australia & New Zealand Banking Group, says:

“Lightsource bp’s development of two significant solar assets supports Australia’s energy transition and will boost critical energy supply. The Greenfield renewable projects align with ANZ’s strategy and goal to finance and facilitate A$100 billion of sustainable solutions for customers by 2030.”

Sam Terko, Head of Energy at ING Australia, states:

“We congratulate Lightsource bp on this achievement and are extremely pleased that ING Bank was able to fund all of its projects in the country. ING is committed to supporting clients like Lightsource bp with strong growth ambitions in clean energy that help us maintain our track record as a leader in energy transition financing in Australia.”

Mizuho, with its banking services, confirms ING’s vision of the future. This partnership strengthens Mizuho’s position as one of the leading banks in the renewable market.

Thus, green financing with ANZ, ING and Westpac is structured as a financing loan. The green finance loan is the loan allocation location that creates positive environmental outcomes. In addition, Lightsource bp continues to grow its greenfield solar and battery storage portfolio by more than 4GWdp in Australia and New Zealand.

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