Project Finance Brief: Lightsource bp Closes Financing for 515 MW Solar Farms in Australia

CEE Group acquires a 44 MW solar project from Obton

December 14, 2022


From: Mercom Capital Group

Lightsource bp, a solar project developer, closed a A$540 million (~$365 million) portfolio green financing package to help execute its 425 MW Wellington North and 90 MW Wunghnu solar farms located in New South Wales and Victoria, Australia. The funding was provided by ANZ, ING, Mizuho, NORD/LB, and Westpac. Together with its Wellington, West Wyalong, and Woolooga projects, Lightsource bp now has over 1 GW of generating capacity in construction and operation in Australia.

CEE Group, a German-based asset manager, acquired a 44 MW solar park in the Netherlands from the Denmark-based solar project developer Obton. The solar project is situated on 36 hectares in Harderwold, in the central Netherlands, and is associated with annual electricity production of about 45.1 GWh. The project is expected to be commissioned by December 31, 2022.

EDF Renewables North America, an independent power producer and services provider entered into an agreement with Luminace, a Brookfield Renewable Company, under which Luminace will acquire  21.6 MW portfolio of three community solar projects in the U.S. state of Maine. The projects include Overlook Solar in Bristol, Tower Solar in Embden, and Green Mile Solar in Woolwich. Following the transaction, EDF Renewables, which developed the program, will continue to act as an engineering, procurement, and construction contractor.

Westbridge Renewable, a solar project developer, and its wholly-owned subsidiary, Georgetown Solar, secured CAD$4.83 million (~$3.57 million) financing to fund its flagship project, the Georgetown Solar plus Energy Storage project. The loan is secured by a first priority security interest against the assets of Georgetown, bears interest at 12% per annum, and matures 12 months from the Loan Agreement date.

U.S. clean energy solutions provider NineDot Energy has secured financing to realize 11 standalone battery storage projects delivering 43 MW across the New York City region. CIT, a division of First Citizens Bank, and SMBC provided an $85 million construction-to-term debt facility to support the construction and operation of the projects. The sites are located in the Bronx, Staten Island, Queens, and Long Island.

Commerz Real, a German-based asset manager, acquired 50 MW of agrivoltaic projects for its Klimavest impact fund. Located close to Berlin, the park is to commence operations in 2025. The seller and cooperation partner is Elysium Solar, a joint venture between EIC Partners from Zurich and LBD-Beratungsgesellschaft from Berlin. The two advisory firms specialize in the energy market.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.