popular articles

Mytilineos completes a Financing Plan

Mytilineos reaches financial close with lenders ANZ and Westpac for the financing of three solar power plants in Australia.

Please share:

Mytilineos reaches financial close with lenders ANZ and Westpac for the financing of three solar power plants in Australia.

A project composed of three solar parks

Mytilineos specifies that the financing concerns the solar parks of Moura, Wyalong and Kingaroy in Australia. The 237MWp portfolio was subject to a phased acquisition between 2019 and 2020. The transactions were part of the company’s strategic investment in the Australian market.

Mytilineos’ portfolio includes the 110MWp Moura solar farm at Banana Shire in Queensland. In addition, it integrates the 75MWp Wyalong solar field in Bland Shire, New South Wales. Finally, the portfolio also includes the 53MWp Kingaroy solar park.

Once built, these solar farms will produce about 500GWh of renewable energy per year. This power will reduce carbon dioxide emissions by approximately 400,000 tons per year. Nikos Papapetrou, executive director of Mytilineos Renewables says:

“Australia is a key market for Mytilineos’ global renewable energy development strategy, which extends across the Asia Pacific, Europe and Latin America regions. We are pleased with the confidence in the Company and our vision in the region and look forward to many more successful financings for our future projects.”

Expansion in Australia

The majority of the electricity generated by the three projects will be sold under power purchase agreements (PPAs). In addition, the duration of APPs ranges from 7 to 10 years. For example, Moura has a PPA with CS Energy, Wyalong with NBN Co and Kingaroy with Smartest Energy.

The financing is structured as a combination of term, construction and ancillary facilities. In addition, the package totals A$234 million. ANZ’s Executive Director, Corporate Finance, Mark Clover, states:

“We are delighted to support Mytilineos’ second portfolio of investments in Australia, aimed at providing valuable renewable energy generation in New South Wales and Queensland as the states go net zero. As a global renewable energy company, Mytilineos’ expansion in Australia is encouraging and aligns with ANZ’s goal of financing and facilitating A$100 billion of sustainable solutions by 2030.”

Indeed, this is the second project financing of Mytilineos in Australia. In addition, this is the company’s second international solar investment plan. In addition, the company says it wants to continue its development in Australia by building additional projects in 2023.

Linklaters Allens acted as borrower’s counsel and White & Case as advisor. Vector Renewables acted as technical advisor and Baringa as market advisor. Finally, Willis Towers Watson acted as insurance advisor and Ernst & Young acted as tax advisor.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Catalyze has secured an $85 million tax equity investment from RBC to support the development of 75 MW of commercial and community solar projects across the United States by the end of 2025.
The New York-based developer has received permission to operate Troy Solar I, a 995 kW power plant connected to the Central Maine Power grid.
The New York-based developer has received permission to operate Troy Solar I, a 995 kW power plant connected to the Central Maine Power grid.
US manufacturer ES Foundry has signed a three-year, 150 MW supply agreement with a community solar developer to reinforce its domestic supply chain and support the expansion of the solar market in the United States.
US manufacturer ES Foundry has signed a three-year, 150 MW supply agreement with a community solar developer to reinforce its domestic supply chain and support the expansion of the solar market in the United States.
The Ethiopian Prime Minister’s visit to TOYO’s factory in Vietnam signals a new phase in energy cooperation with the Japanese group, focusing on industrial expansion in Ethiopia.
The Ethiopian Prime Minister’s visit to TOYO’s factory in Vietnam signals a new phase in energy cooperation with the Japanese group, focusing on industrial expansion in Ethiopia.
Niger is increasing its reliance on solar energy to offset the reduction in Nigerian electricity exports, a direct consequence of diplomatic tensions following the regime change in Niamey.
DTE Energy has begun construction of a new solar park to provide Ford Motor Company with 100% renewable electricity for its manufacturing sites in Michigan.
DTE Energy has begun construction of a new solar park to provide Ford Motor Company with 100% renewable electricity for its manufacturing sites in Michigan.
Fremont Township, located in Saginaw County, has secured $600,000 in public funding for its partnership with EDP Renewables North America to develop the Eagle Creek Solar Park.
Fremont Township, located in Saginaw County, has secured $600,000 in public funding for its partnership with EDP Renewables North America to develop the Eagle Creek Solar Park.
UK commercial and industrial solar specialist Atrato Onsite Energy has finalised a structured financing agreement with Barclays to support the expansion of its photovoltaic asset base.
UK commercial and industrial solar specialist Atrato Onsite Energy has finalised a structured financing agreement with Barclays to support the expansion of its photovoltaic asset base.
Matrix Renewables and rPlus Energies have completed the commissioning of Pleasant Valley Solar 1, a 261 MWdc project located in Ada County, Idaho, now the largest solar facility in Idaho Power’s network.
The first phase of the 500 MW photovoltaic project in Yingjisha has been commissioned, marking a key milestone in expanding solar capacity in the Kashgar region.
The first phase of the 500 MW photovoltaic project in Yingjisha has been commissioned, marking a key milestone in expanding solar capacity in the Kashgar region.
Groupe VALOREM secured €22mn in funding with Arkéa Banque to develop 63 rooftop photovoltaic plants in Nouvelle-Aquitaine and Occitanie, consolidating its model in a shifting French solar market.
Groupe VALOREM secured €22mn in funding with Arkéa Banque to develop 63 rooftop photovoltaic plants in Nouvelle-Aquitaine and Occitanie, consolidating its model in a shifting French solar market.
In Lopera, an agricultural village in Andalusia, photovoltaic plant projects plan to expropriate olive-growing land, sparking opposition from residents over the potential uprooting of 100,000 olive trees.
In Lopera, an agricultural village in Andalusia, photovoltaic plant projects plan to expropriate olive-growing land, sparking opposition from residents over the potential uprooting of 100,000 olive trees.
The Cunderdin hybrid project, inaugurated in early April in Western Australia, combines 128 MWdc of solar with 220 MWh of storage using a fully DC-coupled architecture designed by Sungrow.
The Villognon power plant, finalised under the agreement with Urbasolar and GazelEnergie, will supply 30,000 MWh annually to Groupe ADP, completing a strategic deal to cover 10% of its airports’ yearly electricity needs.
The Villognon power plant, finalised under the agreement with Urbasolar and GazelEnergie, will supply 30,000 MWh annually to Groupe ADP, completing a strategic deal to cover 10% of its airports’ yearly electricity needs.
ACEN Australia has raised EUR 456 mn to support its renewable energy projects in Australia, backed by 11 local and international financial institutions.
ACEN Australia has raised EUR 456 mn to support its renewable energy projects in Australia, backed by 11 local and international financial institutions.
Masdar and PT PLN (Persero) formalised two agreements to develop floating solar power generation in West Java and expand the Cirata project, operational since 2023.
Masdar and PT PLN (Persero) formalised two agreements to develop floating solar power generation in West Java and expand the Cirata project, operational since 2023.
Vesper Energy has launched operations at its Hornet Solar project, a 600 MW facility in Swisher County, generating over $100 mn in local tax revenue.
French company Reden has commissioned its first photovoltaic power plant in Italy on a disused site in Codroipo, redeveloped to support an installed capacity of 23.5 megawatts.
French company Reden has commissioned its first photovoltaic power plant in Italy on a disused site in Codroipo, redeveloped to support an installed capacity of 23.5 megawatts.
Indian group Waaree Energies will increase its solar module production capacity in the United States to 3.2 GW, with a new unit in Brookshire, Texas, approved by its board of directors.
Indian group Waaree Energies will increase its solar module production capacity in the United States to 3.2 GW, with a new unit in Brookshire, Texas, approved by its board of directors.
Chinese group Trinasolar unveiled in Sydney a new technology aimed at enhancing the resilience of photovoltaic power stations against climatic hazards, with testing already conducted in Queensland.
Chinese group Trinasolar unveiled in Sydney a new technology aimed at enhancing the resilience of photovoltaic power stations against climatic hazards, with testing already conducted in Queensland.
TSG has completed the acquisition of Leirivolt in Portugal and Kronenburg Techniek in the Netherlands, consolidating its expansion strategy in intelligent energy services across Europe.
Danish company Nordic Solar has signed a non-recourse financing agreement with Swedbank for the construction of an 80 MWp solar park in Švenčionys, marking their second collaboration in Lithuania.
Danish company Nordic Solar has signed a non-recourse financing agreement with Swedbank for the construction of an 80 MWp solar park in Švenčionys, marking their second collaboration in Lithuania.
Zelestra and Celepsa have signed a long-term power purchase agreement in Peru, enabling the development of a 238 MWdc solar plant to supply 450 GWh annually to Celepsa’s operations.
Zelestra and Celepsa have signed a long-term power purchase agreement in Peru, enabling the development of a 238 MWdc solar plant to supply 450 GWh annually to Celepsa’s operations.
The ban proposed by the Nigerian government aims to support the domestic industry, but raises concerns among stakeholders over its economic and energy-related consequences.
The ban proposed by the Nigerian government aims to support the domestic industry, but raises concerns among stakeholders over its economic and energy-related consequences.

Advertising