Standard Chartered announces project debt financing for Australia’s first Renewable Energy Zone

Standard Chartered has provided project debt financing for ACEREZ to develop the Central-West Orana Renewable Energy Zone (REZ) transmission project in New South Wales, Australia.

ACEREZ, a partnership comprising Spain’s ACCIONA and COBRA, and Endeavour Energy, has been appointed by the New South Wales state corporation, EnergyCo, to design, build, finance, operate and maintain Australia’s first-declared REZ transmission project for the next 35 years. EnergyCo is responsible for leading the delivery of REZs as part of the New South Wales government’s electricity infrastructure roadmap.

The Central-West Orana REZ is approximately 20,000 square kilometres, centred by Dubbo and Dunedoo, on the land of the Wiradjuri, Wailwan and Kamilaroi people. The transmission project is critical infrastructure that will connect solar and wind projects and battery energy storage systems to the New South Wales electricity grid. It is expected to be operational by 2028 and initially unlock 4.5 gigawatts of new network capacity, providing reliable, clean energy for 2 million homes, contributing to Australia’s net-zero emissions target by 2050.

Standard Chartered acted as Mandated Lead Arranger, Lender and Hedge Counterparty. The project’s credit structure is underpinned by a 35-year concession agreement with EnergyCo. This financing highlights the Bank’s industry position in innovative infrastructure financing and paves the way for similar future opportunities in the country and wider Asia–Pacific region.