Greek developer secures finance of three more Australian solar projects

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Mytilineos Holdings, a Greek industrial conglomerate company, has recently financially closed on three solar farms in Australia.

The Greek industrial and energy giant is investing in its second portfolio of projects in Australia with two solar farms in QLD and one in NSW.

“Australia is a key market for Mytilineos’ global renewables development strategy,” said Nikos Papapetrou, the company’s general manager of renewables and storage development.

“We are pleased with the trust given to the company and to our vision in the region and we look forward to many more successful financings for our future projects,” Papapetrou said.

According to Renew Economy, The Moura and Kingaroy solar farms in Queensland and Wyalong in NSW – 110MW, 53MW and 75MW respectively – are at varying phases of development.

The Moura farm, is complete and is undergoing hold-point testing, the Kingaroy farm is in its early stages of construction and Wyalong is partially built.

The Moura farm, in QLD’s Banana Shire.

The finance for the solar farm projects accrued to $234 million and was provided by Australian banks, ANZ and Westpac.

Mark Clover, ANZ executive director of corporate finance, said Mytilineos’ expansion in Australia is a positive sign for the local renewables market. He says, Mytilineos aligns with ANZ’s goal of spending $100 billion in sustainable solutions by 2030.

All solar farms are secured with power purchase agreements (PPA).

The Wyalong project has 10 year PPA with NBN Co to sell roughly half of its output. While the Moura farm has a PPA with state-owned utility CS Energy, and Kingaroy farm holds a PPA with Smartest Energy.

Source: Renew Economy

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