Financial close reached for first stage of 720 MW Solar project in Australia

The first 400 MW stage of the New England Solar Farm project, located near Uralla in the New England region of New South Wales, achieved financial close on 11 February 2021 on a merchant basis (without a contract for electricity offtake) which is a unique achievement for a renewable energy project of this size in the Australian project finance market.

Once completed the giant New England Solar Farm will be capable of producing enough energy to power around 250,000 homes annually.

PricewaterhouseCoopers advised UPC\AC whereas Herbert Smith Freehills has advised Bank of China, Commonwealth Bank of Australia, and Westpac Banking Corporation on the project financing of the 400 MWac stage 1 of the New England Solar Farm owned by UPC\AC Renewables. 

Gerard Pike, project finance expert, Herbert Smith Freehills, said: "Project financing such a large project without a long-term offtake agreement involved significant innovation and collaboration between UPC\AC, Bank of China, CBA and Westpac who all navigated a period of difficult market conditions to achieve this milestone. This project is in a strong part of the grid in NSW and will play a big part in the ongoing transformation of the State’s generation mix towards renewables".