Australia's Pacific Hydro closes $81.5m financing for 100MW solar farm

The project is expected to be completed in mid-2019 and comprise 400,000 PV modules.

Australia’s Pacific Hydro has reached financial close on $81.5m (A$115m) of non-recourse project financing for its 100MW Haughton Solar Farm near Townsville, Queensland. Finance was provided by the Industrial and Commercial Bank of China Limited, National Australia Bank Limited, and Westpac Banking Corporation.

According to an announcement, the Haughton solar farm, located 60km southeast of Townsville, will comprise nearly 400,000 photovoltaic (PV) modules. Construction of the project is underway, with completion expected in mid-2019.

Once completed, Haughton is expected to provide enough electricity to power approximately 50,000 homes per year.

Herbert Smith Freehills was the legal counsel to Pacific Hydro, Gilbert + Tobin acted as legal counsel for the financiers, whilst Planum Partners acted as financial adviser to Pacific Hydro.

Pacific Hydro operates a portfolio with an installed capacity of around 880 MW across Chile, Australia, and Brazil. It is fully owned by the State Power Investment Corporation of China (SPIC).