UPC\AC reaches financial close on 720 MW New England Solar Farm and energy storage project in NSW

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.

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.

PricewaterhouseCoopers advised UPC\AC.