Key financing arrangement secured for Moree Solar Farm

Moree Solar Farm partners, Fotowatio Renewable Ventures (FRV) and Pacific Hydro, have welcomed the Clean Energy Finance Corporation’s (CEFC’s) agreement to provide $60 million of senior debt finance.

The key milestone for the project brings the 56MW Moree Solar Farm a step closer to realisation.

FRV and Pacific Hydro continue to work on finalising other commercial elements of the project and are confident the project will reach full financial close.

However, continued uncertainty surrounding the future of the federal renewable energy target post the upcoming federal election continues to hamper progress.

The renewable energy target is already playing a key role in transforming the stationary energy sector and reducing greenhouse gas emissions and is crucial to the further development of innovative clean energy projects like the Moree Solar Farm.

The Moree Solar Farm is a large-scale single-axis tracking photovoltaic solar energy project located 10km south of Moree in northern New South Wales. The project secured planning approval from the NSW Government in July 2011.

The Moree Solar Farm will provide enough solar power for the annual electricity use of approximately 15,000 homes and abate more than 95,000 tonnes of CO2 equivalent annually.