FRV secures financing for Goonumbla Solar Farm in Australia

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has closed the financing agreement for the Goonumbla 67.8 MW AC solar farm, in New South Wales. The debt has been provided by ING and DZ Bank with ING taking the majority stake in the financing package. In 2018 FRV signed a Power Purchase Agreement (PPA) for the Project with Snowy Hydro after being awarded in Snowy’ s Renewable Energy Procurement Program.

Located approximately 10km west of the town of Parkes and 280km North West of Sydney in New South Wales, the plant will be connected to the national grid and produce approximately 195,000 MWh of clean energy per year. This power output is enough to supply energy to more than 45,000 Australian households and avoid the emission of around 140,000 tons of CO2 annually.

Goonumbla Solar Farm is expected to start operations in 2020 and its construction and operation will contribute to the economic development of the area. FRV foresees the creation of up to 150 jobs during the construction phase, 5 of which are expected to remain once operational.