Neoen reaches financial close on Coleambally Solar
Neoen Australia has reached financial close on the 150MW Coleambally solar project in New South Wales and plans to start construction this month. The project will be built in the Riverina region and will comprise 565,000 photovoltaic (PV) panels with a peak capacity of 189 MWp.
The financing signed on 21 December 2017 and benefits from a 12-year power purchase agreement (PPA) with EnergyAustralia for 100MW from the plant.
The A$172 million ($136 million) debt comprises an 18-year A tranche of A$71.5 million provided by NordLB, an 18-year B tranche of A$70.8 million from KfW; and an 18-year C tranche of A$30 million provided by CEFC. KfW is also providing a A$1.7 million L/C and a 13-year A$8.4 million debt service reserve facility.
The advisory line-up includes Clifford Chance as lender counsel and Ernst & Young as financial adviser to the banks. The sponsor was advised by Ironstone Capital, with White & Case as legal counsel.
