Singapore renewables developer makes billion-dollar boost to Australian solar and battery plans

Singapore-based renewable energy developer Vena Energy announced on Tuesday that it had secured approximately $A1.4 billion in green financing facilities to support solar and battery assets across Australia.

Vena Energy, the renewable energy arm of Singaporean green solutions provider Vena Group, secured the new green financing facilities across two separate transactions which combine greenfield project funding with the refinancing of existing facilities.

The green financing facilities were backed by a large group of international and local lenders and bring together assets with complementary operating and financing characteristics.

The first transaction supports 294 megawatts (MW) of operational solar capacity, 320 MW of solar under construction, and 408 megawatt-hours (MWh) of battery energy storage system (BESS) capacity Vena Energy is currently building, including the Tailem Bend and Wandoan South precincts.

The second transaction supports two adjacent 583 MWh BESS units currently under construction in New South Wales along with the 150 MWh Wandoan South battery energy and solar system.

Image Credit: Vena Energy

“This is a significant milestone for our Australian business and a strong endorsement of the quality of our solar and battery strategy and assets,” said Owen Sela, head of Australia at Vena Energy.

“By aligning financing structures with complementary assets, we are able to continue scaling our Australian platform and delivering infrastructure that supports grid stability, reliability and the integration of more renewable energy into the system.”

All told, the solar assets covered under both financing transactions are expected to generate enough renewable power to support the equivalent annual electricity needs of approximately 198,000 households.

This amount of clean energy helps to avoid over one million tonnes of CO2 emissions annually, equivalent to removing around 228,000 vehicles from the road or planting approximately 17.5 million trees and will also save an estimated 904 million litres of water per year compared to conventional energy generation sources.

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