Vena Energy secures $961.54m green financing for RE projects in Australia

The deal also supports nearly 1.8 GWh of battery storage projects.

Vena Energy has secured $961.54m (AU$1.4b) in green financing to support more than 600 megawatts peak (MWp) of solar projects and nearly 1.8 gigawatt-hours (GWh) of battery energy storage capacity across Australia.

The financing covers 614 MWp of solar assets and 1,724 megawatt-hours (MWh) of battery storage through two transactions that combine funding for projects under construction with the refinancing of existing facilities.

The first transaction covers 294 MWp of operational solar capacity, 320 MWp of solar capacity under construction and 408 MWh of battery energy storage under construction at the Tailem Bend and Wandoan South precincts in South Australia and Queensland.

The second transaction supports two adjacent 583 MWh battery energy storage systems under construction in New South Wales, together with the operational 150 MWh Wandoan South battery energy storage system in Queensland.

Vena Energy said the financing aligns long-term capital with renewable energy and storage assets whilst improving funding efficiency and providing flexibility for future growth across its Asia-Pacific portfolio.

Chief investment officer Simone Grasso said the transactions demonstrate the company's ability to raise long-term capital for renewable energy infrastructure and reflect Australia's role in its regional growth strategy.

Owen Sela, head of Australia, said the financing will support the continued expansion of the company's solar and battery portfolio in the country.

The solar assets included in the financing are expected to generate enough electricity to supply the equivalent annual power needs of about 198,000 Australian households.

Vena Energy said the projects are also expected to avoid more than one million tonnes of carbon dioxide emissions each year and save about 904 million litres of water annually compared with conventional power generation.

The financing was provided by a syndicate of lenders comprising BNP Paribas, Bank of China, DBS Bank, ING Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, OCBC, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Westpac Banking Corporation.