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.
Country updates
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March 24, 2021
ACCIONA partners with Korea Zinc to build 923 MW Wind farm in Australia
ACCIONA and international metals group Korea Zinc Co. have reached an agreement to jointly develop the MacIntyre Wind Farm in Queensland (923MW), one of the largest renewable energy projects in Austra...
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March 24, 2021
UPC\AC Renewables Australia starts construction of on the 720 MW New England Solar Farm and energy storage project in NSW
UPC\AC Renewables Australia has started the construction of the 400 MW Phase I of the 720 MW New England Solar Farm and energy storage project in New South Wales. The New England Sola...
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March 19, 2021
Sumitomo signs Memorandum of Understanding (MOU) for a Gladstone H2 Ecosystem
Sumitomo Australia Pty Ltd, 100% subsidiary of Sumitomo Corporation together with Gladstone Ports Corporation (GPC), Gladstone Regional Council (GRC), Australian Gas Networks (AGN) as part of the Aust...
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March 19, 2021
Infratil supports acquisition proposal for Tilt from a consortium of Powering Australian Renewables and Mercury NZ
Infratil welcomes the announcement by Tilt Renewables Limited (Tilt) that it has entered into a Scheme Implementation Agreement (SIA) with Powering Australian Renewables (PowAR) and Mercury NZ Limited...
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March 17, 2021
Origin Energy to pay shortfall penalty for the delay of 530 MW Stockyard Hill wind project in Victoria
Australia’s biggest wind project, the 530 MW Stockyard Hill wind project in Central Victoria, has faced more delays. Origin energy, the former project owner and now a sole power off-taker, is fo...
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