Total Eren announced financial closing of 256 MW PV project in Australia
Post date: 06/06/2019 - 16:22
French Independent Power Producer (IPP) Total Eren SA announced the financial close for its »Kiamal« solar farm with the support of a group of Australian and European financial institutions, namely ANZ (Australia), ING (Netherlands) and Natixis (France). Additionally, the Clean Energy Finance Corporation (CEFC) entered the project by taking a minority equity stake. The 256.5 MW PV plant is located in Victoria, Australia. The total value of the debt financing reaches USD 175 million.
Currently under construction, the project is expected to reach commercial operations later in 2019. »Kiamal« is underpinned by four Power Purchase Agreements (PPA) contracted with one large food manufacturer (Mars Australia), two energy retailers (Alinta Energy and Flow Power), and a new entity, a collective of 13 leading Victorian water corporations (Zero Emissions Water, ZEW). The construction is led by a turnkey consortium jointly led by Biosar Australia, part of the Greek infrastructure group Aktor S.A., and Canadian Solar.
In parallel, Total Eren is seeking to expand the »Kiamal« solar farm with a second stage of up to 213.5 MW of solar PV panels, as well as exploring commercial options for the approved 270 MW / 1,080 MWh energy storage system.