FRV secures new finance for Australia’s first solar farm to use tracking technology

Solar energy developer Fotowatio Renewable Ventures Australia says a recent refinancing of its Moree solar farm – one the first large-scale solar farms in New South Wales — ensures it will continue to provide clean energy to the surrounding communities for years to come.

Spanning over 740 acres with net annual energy production capacity of some 149,000 MWh, the solar farm has an output of 70 MWdc (56MW ac) capable of meeting the energy demand of up to 26,000 households.

The Moree solar farm represented a number of firsts – it was the first solar farm in Australia to use single axis tracking technology, and it was the first solar farm to be backed by then newly formed Clean Energy Finance Corp in 2013.

It was also the first solar farm to be backed on a “merchant” basis, although by the time it began operations in 2016 it secured a long term off take deal with oOrigin Energy.

FRV, part of the Saudi-based Adbul Latif Energy Group, says the new financing package will ensure that the solar farm continues to provide clean energy to tens of thousands of citizens “for many years to come.”

FRV says the Moree farm has been a foundation in the company’s efforts to support Australia’s clean energy mandate. To date, FRV has developed and built almost 800 MWdc of Australian PV assets across nine projects.

As reported by RenewEconomy, FRV in March this year brought its seventh solar farm in Australian into full production — the 90MW Sebastopol facility in the Riverina region of New South Wales.

French bank Societe Generale acted as sole MLA (loan arranger) and hedging provider in the refinancing of the Moree facility.