Genex Power Ltd has closed a green financing deal for two of its solar projects – the existing 50 MW solar farm at Kidston and the 50 MW Jemalong facility that is about to begin construction.
The AUD$192 million (US$132.54 million) financing deal signals the financial close for the Jemalong project and a refinancing of the existing facility for Kidston in North Queensland, which is the first stage of a proposed clean energy hub in and around a former gold mine that will include pumped hydro, more solar and wind energy.
Genex says the funding package is the first “Green Loan” in the world to be certified under the latest internationally recognized Climate Bonds Standard and also the largest Certified Green Loan by an Australian renewable energy group.
The senior debt facility is being provided by Westpac, Nord/LB, and DZ Bank. with Australia’s Clean Energy Finance Corporation also providing an underlying facility.
