Construction debt finance secured for Northam solar project

Carnegie Clean Energy has secured a 12‐month construction debt finance facility of $7.5 million for its Northam solar power station.

The 10MW project, located in Northam, Western Australia, will consist of 34,000 solar panels constructed on 25ha of land to deliver approximately 24,000MWh of electricity a year.

The system will also be utility-scale battery storage ready.

The debt finance would be provided by Perth-based private investment group Asymmetric Credit Partners, according to a statement from Carnegie.

“Upon completion of project construction and commissioning Carnegie plans to refinance the debt facility with a major Australian retail bank,” the statement said.

“As part of securing the construction finance facility, Carnegie undertook a corporate debt restructure and forced the wind up of its $2.8 million unlisted convertible note.”

First draw down of the debt finance for the Northam project is planned for December 15.

This will be the first large-scale solar project to be delivered as part of the joint venture between Carnegie’s wholly owned subsidiary Energy Made Clean and leading property and infrastructure company Lendlease.