Greek developer reaches financial close on another 230MW of Australian solar projects

Greek industrial and energy giant Mytilineos has secured finance for another three solar farms, two in Queensland and one in New South Wales, marking financial close for the company’s second portfolio of projects in Australia.

The Moura and Kingaroy solar farms in Queensland and Wyalong in NSW – 110MW, 53MW and 75MW respectively – are at varying phases of development, with Moura complete and undergoing hold-point testing, construction at Kingaroy just beginning, while Wyalong is partially built.

The Wyalong project, which started construction in July 2022, will sell roughly half its output to NBN Co under a 10-year power purchase agreement. The PPA is NBN Co’s first under its promise to purchase 100% renewable energy by December 2025.

The Moura project, in Queensland’s Banana Shire, has a PPA with state-owned utility CS Energy, while Kingaroy holds a PPA with Smartest Energy, an electricity retailer owned by Japanese investment company Marubeni.

The finance for the projects, totalling $234 million, was provided by two of Australia’s Big Four banks, ANZ and Westpac.

“Australia is a key market for Mytilineos’ global renewables development strategy,” said Nikos Papapetrou, the company’s general manager of renewables and storage development.

“We are pleased with the trust given to the company and to our vision in the region and we look forward to many more successful financings for our future projects.”

ANZ executive director of corporate finance, Mark Clover, says Mytilineos’ expansion in Australia is an encouraging sign for the local renewables market and aligns with the bank’s goal of funding and facilitating $100 billion in sustainable solutions by 2030.