Enel Green Power Australia Secures Financing for Solar and Energy Storage Project

Enel Green Power Australia (EGPA), a joint venture company co-owned by Enel Green Power and Inpex Corporation, secured project financing of over A$190 million (~$126 million) to develop Quorn Park Hybrid Project, which includes a 98 MW solar project and a 20 MW/40 MWh battery energy storage system (BESS).

The project will be jointly financed by a combination of equity provided by EGPA’s shareholders and debt facilities from a group of two lenders comprising Westpac and Bank of China.

The funding will be used to develop and construct the hybrid project located approximately 10 km northwest of Parkes, New South Wales, Australia. The construction of the hybrid project will begin in the third quarter of 2024.

“This also marks our first project to commence construction in New South Wales. We look forward to facilitating further investment in NSW and across other states as we target a significant increase to our installed capacity alongside an expansion of activities within our retail and trading operations,” said EGPA Chief Executive Officer Werther Esposito.

“For this project, we’re pleased to continue our relationship with trusted delivery partners alongside valued equipment providers. Grid connection and services agreements are in place with early works underway by Essential Energy. EGPA, alongside our delivery partners, are committed to local procurement and employment and we look forward to sharing opportunities with the local community and broader region throughout the entire project life,” added the CEO.

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

Sun Investment Group, a solar project developer and investment management company, earlier this week secured debt financing for a pipeline of mid to late-stage solar PV projects with a total capacity of 1,970 MW located in Poland.