Financial close for 204 MW solar farm in Australia

Sojitz Corporation and ENEOS Australia have reached financial close for the 204 MW PV solar plant in Australia. Project financing is provided for a period of 16 years by Natixis, who acts as sole mandated lead arranger and sole underwriter.

The Edenvale Solar park is the first solar project in Australia for both Sojitz Corporation and ENEOS Australia, the subsidiary of ENEOS Corporation, who own 50-50 percent of the project. Located in the Western Downs Region, Queensland, the park is currently under construction and is expected to be operational in the second half of 2022. The Australian subsidiary of Gransolar Construction has secured an engineering, procurement and construction (EPC) contract for the project.

The project’s owners have already made a 10-year power purchase agreement (PPA) with Mojo, a local electricity retailer, for 70% of the produced energy. The remaining 30% of the renewable energy will be supplied to Gregory Crinum Coal Mine, owned and operated by Sojitz in the same state of Queensland. Once operational, the PV solar plant is estimated to reduce carbon emissions by 320,000 tonnes annually.

White & Case LLP acted as advisor of Natixis on the project financing.