Neoen secures $870m for Australian renewables expansion

This will finance three new assets.

Neoen has secured $870m (AU$1.4b) worth of financing for an additional 1.3 gigawatts (GW) of wind, solar and storage assets, expanding its Australian renewable energy portfolio.

In a statement, the company said the debt, with maturity of 5.5 years and 7 years, will fund three new assets, namely the 270 megawatt (MW) / 540 megawatt-hour (MWh) Western Downs Battery Stage 1 in Queensland; the 440 megawatt-peak Culcairn Solar Farm in New South Wales to be operational in 2026; and 341 MW / 1,363 MWh Collie Battery Stage 2 in Western Australia to be completed in fourth quarter of 2025.

Meanwhile, operating assets to be added to Neoen’s portfolio are the Griffith Solar Farm, Parkes Solar Farm and Dubbo Solar Hub for a total capacity of 130 MW, and the 157 MW Kaban Green Power Hub.

The financing deal follows Neoen’s first tranche of portfolio debt financing announced in February 2024. They represent over $1.24b (AU$2b) in debt for 15 assets in operation or under construction with a combined capacity of 2.9 GW.

Neoen currently has 4.3 GW of assets in operation or under construction in Australia.

US$1 = AU$1.61