Mytilineos, a Greece-based resources and renewables company, has recently announced that it has reached financial close on three projects in Australia.
The projects include two in Queensland and one in New South Wales (NSW), with a combined general capacity of 238 MWp.
The latest Australian PV projects in Mytilineos portfolio
Mytilineos continues to expand its portfolio in Australia. The latest three projects that reached financial close are as follows:
The Moura solar farm
The $120M project is finally finished and is currently undergoing hold-point testing. It will start generating power in 2023, which will power 43,000 homes with 185,000 solar modules on a single-axis tracking system situated on a 203-hectare site.
Over half of its output has been allocated for CS energy via a long-term purchase agreement.
This also marks the first for its region, and plans for a battery energy storage system in the future are underway.
The Wyalong solar farm
The solar farm is set to be completed in the first half of the year and will be equipped with 127,000 solar panels situated on a 250-hectare site that can power 27,000 homes.
Half of the solar farm’s output was sold to NBN Co as part of the ten-year power purchase agreement. This will supply the broadband network with around 80 GWh per year, which will supply close to 20 per cent of the network’s energy needs.
According to Federal Communications Minister Michelle Rowland,”It is critical Australian organisations and communities find ways to reduce emissions, and NBN Co through its 100% renewables commitment is not only reducing emissions, it is also the first Australian telecommunications company and Australian government business enterprise to join the global RE100 initiative,” she said.
The Wyalong solar farm
The Kingaroy solar farm sits on 118.7 hectares of land and has begun construction with early works. Main works will be carried out this year.
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The financing
The second portfolio of the Greek company is backed by ANZ and Westpac, which amounts to $234 million. It is structured as a combination of construction facilities, term facilities, and ancillary facilities.
Mark Clover, the ANZ Executive Director of Corporate Finance, said, “we’re pleased to support Mytilineos’ second portfolio of investments in Australia which is aimed at providing valuable renewable energy generation in New South Wales and Queensland as the states transition to net-zero.”
Westpac’s David Scrivener, the Head of Energy, Infrastructure and Resources, said, “The Moura, Wyalong and Kingaroy solar farms will be a valuable addition to Australia’s renewable energy supply, generating solar power for thousands of Australian homes and businesses. Both Mytilineos and Westpac are focused on helping achieve Australia’s emissions reductions targets and energy transition. These three newest solar farms will represent a significant expansion.”
With the new funding, the company will be able to construct additional projects this year and beyond, placing them in a better position to reach a wider Australian market.
Nikos Papapetrou, the Renewables Executive Director of Mytilineos said, “Australia is a key market for Mytilineos’ global renewables development strategy, extending across the Asia-Pacific, Europe, and Latin America regions. 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 finances for our future projects.” Currently, their portfolio’s total is at 400 MW.
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