Financing secured for Goonumbla solar farm

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Fotowatio Renewable Ventures (FRV) has closed the financing agreement for the Goonumbla 67.8 MW AC solar farm in New South Wales. The debt has been provided by ING and DZ Bank with ING taking the majority stake in the financing package.

In 2018, FRV signed a Power Purchase Agreement (PPA) for the Project with Snowy Hydro after being awarded in Snowy’s Renewable Energy Procurement Program.

Located approximately 10km west of the town of Parkes and 280km North West of Sydney in New South Wales, the plant will be connected to the national grid and produce approximately 195,000 MWh of clean energy per year. This power output is enough to supply energy to more than 45,000 Australian households and avoid the emission of around 140,000 tons of CO2 annually.

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Goonumbla Solar Farm is expected to start operations in 2020 and its construction and operation will contribute to the economic development of the area. FRV foresees the creation of up to 150 jobs during the construction phase, five of which are expected to remain once operational.

FRV has developed and secured PPAs for a total of six solar projects in Australia, both operating and committed with an accumulated investment of approximately US $700 million since 2012: Royalla (20 MW ac) in the Australian Capital Territory, Clare (100 MWac) and Lilyvale (100MW ac) in Queensland, Moree (56 MW ac) and Goonumbla (67.8 MWac) in New South Wales and Winton (85 MWac) in Victoria.

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Snowy Hydro CEO Paul Broad said, “it was great to sign a solar offtake agreement with Goonumbla Solar Farm. Snowy Hydro’s Renewable Energy Procurement Program was massively oversubscribed. More than 17,600 megawatts of projects were submitted through the competitive process and 888 megawatts of contracts were signed.

“Snowy Hydro selected those projects that offered competitive pricing and had credible pathways to commissioning in the next few years and enabled Snowy Hydro to construct an optimal portfolio of renewable offtakes.”