Canadian Solar has announced that it has secured AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG) and Clean Energy Finance Corporation (CEFC).
The 17 MW Longreach project and larger 30 MW Oakey project in Queensland are both scheduled to commence construction in May 2017 and reach commercial operation in early 2018. The solar power projects are expected to generate clean energy to power nearly 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 program. These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency (ARENA).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said:
"We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. We look forward to making further investments in Australia as we execute on our development pipeline."
Palisade Investment Partners and ESCO Pacific have announced that the AUD$225 million (US$170 million) Ross River Solar Farm has reached financial close.
Read moreNational Australia Bank Limited (NAB) and Industrial Commercial Bank of China Limited, Sydney Branch (ICBC), have secured CAD26.6 million (US$19.7 million) financing for the Gullen Solar Farm project near Canberra.
Read moreEnel, through a joint venture between the group’s fully-owned renewable energy subsidiary Enel Green Power S.p.A. (EGP) and Dutch Infrastructure Fund (DIF), has closed an agreement to acquire Bungala Solar One, the first 137.5 MWDC phase of the 275 MWDC Bungala Solar PV project, which is currently the largest ready-to-build solar PV project in Australia, from Bungala Solar Holding Pty Ltd., a subsidiary of Australian developer Reach Solar Energy Pty Ltd.
Read moreInfigen Energy has announced that it would proceed to construction of the 113.2 MW Bodangora wind farm near Wellington in New South Wales, having achieved financial close.
Read moreFirst Solar, Inc. has announced that financial close has been reached for the Manildra Solar Farm in New South Wales (NSW), Australia.
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