Fotowatio Renewable Ventures (FRV) Australia has successfully obtained AU$1.2 billion (US$780 million) refinancing facility to support a 1GW solar portfolio featuring eight photovoltaic projects.
FRV Refinances Entire Australian Solar Portfolio
FRV stated that the debt package comprises a term loan to refinance the existing debt of the solar portfolio along with a letter of credit facility and a working capital facility which will support FRV Australia's development activities nationwide.
Image: Collected
This solar portfolio features the 125 MW Lilyvale and Dalby projects in Queensland as well as the 106 MW Winton Solar Farm in Victoria. Additionally, it encompasses the 69.75 MW Goonumbla, 115 MW Metz, 56 MW Moree, 90 MW Sebastopol and 300 MW Walla Walla solar farms all located in New South Wales.
Eleven Banks Back FRV Australia's Refinancing
The refinancing process saw participation from eleven financial institutions including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank and the Agricultural Bank of China.
Macquarie Capital served as the financial advisor for the transaction, with White & Case as the legal advisor for FRV and Allens representing the lenders.
“The refinancing represents a significant milestone in our (FRV Australia’s) journey and it secures not only the future of its current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia,” said Carlo Frigerio, CEO of FRV Australia.
FRV Australia to Fund First Stand-Alone BESS in Victoria
FRV Australia has announced that the facility will also fund the construction of the company’s first stand-alone battery energy storage system (BESS) project. This project called Terang BESS will be situated in Victoria and is expected to have a total discharge capacity of 100MW and a storage capacity of 200MWh.
Upon completion, the Terang BESS will enhance the stability of the electricity network as more variable renewable energy generation technologies are integrated. It will store power during periods of high energy availability and release it when demand increases. Canadian Solar and TEC-C are partnering with FRV to deliver this project.
The organization, a division of Jameel Energy and the Canadian infrastructure fund OMERS, announced that the financing will support all solar PV plants in its portfolio and provide a foundation for further growth in the Australian market.