Neoen secures AU$1.1 billion for 1.5GW of Australian renewables

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Neoen Solar

French independent power producer (IPP) Neoen has completed debt financing for a 1.5GW portfolio of solar, wind and battery energy storage assets in Australia.

The portfolio represents AU$1.1 billion (US$721 million) in debt financing and will support the development and construction of projects across five Australian states. In the mix are three solar projects with a collective 777MW of capacity – Numurkah Solar Farm in Victoria (128MW), Western Downs Green Power Hub in Queensland (460MW) and Coleambally Solar Farm in New South Wales (189MW).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Neoen will also develop four wind power projects and the Collie Battery Stage 1 energy storage project in Western Australia, a 219MW/877MWh 4-hour capacity battery system for which construction is underway and expected to be completed in Q4 2024.

In June 2023, our sister site Energy-storage.news reported that Neoen had begun construction on the Collie project, which the company said could be expanded to reach 1GW/4GWh of energy storage capacity. Neoen said that the project has a 197 MW/4-hour capacity services contract with the Australian Energy Market Operator (AEMO).

The debt raised allows the refinancing of approximately AU$700 million (US$458 million) of single asset-level debt with the remainder dedicated to the financing of new assets. Neoen said. The debt was provided by a group of 11 lenders, including ANZ, HSBC, Bank of China, ING and the Australian government-backed Clean Energy Finance Corporation (CEFC).

Neoen said that it is aiming to have 10GW of renewable energy project capacity operational or under construction by 2030. It currently has around 3.5GW, most notably the Western Downs Green Power Hub, which has been dubbed Australia’s ‘largest’ solar project and is also paired with a 270MW/540MWh battery.

Louis de Sambucy, Neoen Australia’s CEO, said: “This transaction demonstrates the unique combined value of our portfolio and strengthens our business model of long-term owner and operator. It provides a solid foundation for achieving our ambition of 10 GW in Australia by 2030.”

A deal of this scale is welcome news for Australia’s solar sector, which has struggled to attract investment for new projects in the last year. Whilst this financing doesn’t represent entirely ‘new’ project plans or capacity – the lack of which prompted the Clean Energy Council (CEC) to say it was “concerned” for the market last August – it marks a significant increase compared with the deals signed in 2023.

Last week, Australian utility Origin Energy acquired developer Walcha Energy and its 1.3GW renewables project pipeline.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 28, 2024
Renewable energy sources provided 44.7% of the EU’s electricity consumption in 2023, according to data from Eurostat, the European Commission’s statistical office.
June 28, 2024
New South Wales, Australia, has received planning approval for the Central-West Orana REZ transmission project.
June 28, 2024
Townsville, Queensland, will be the latest local renewable energy zone (LREZ) in Australia as the state expands its solar PV capabilities.
June 28, 2024
AEMC has published a ‘final rule’ claiming it will “create a more clear and pragmatic grid connection process” and aid solar deployment.
June 27, 2024
EDP Renewables has signed PPAs with a US-based tech company to offer power through its 176MWp solar projects.
June 27, 2024
The Asia-Pacific region stands to benefit from localised balance of system manufacturing in its solar industry, the IEEFA said.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Upcoming Webinars
July 10, 2024
9am (BST) / 10am (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia