Greek company Mytilineos secures $234 million in financing for Australian solar farm projects

Greek company secures $234 million in financing for Australian solar farm projects

Greece-based resources company Mytilineos is expanding its already established renewable energy portfolio in Australia with three new photovoltaic (PV) assets nearing or having completed full construction and undergoing testing.

Mytilineos announced this month that it had reached financial close for two solar farms in Queensland and one in New South Wales, with a combined available capacity of 238 MWp.

Moura Solar Farm in central Queensland, reportedly a $120M project, is expected to begin generating power in 2023, powering 43,000 homes with 185,000 solar modules on its 203-hectare site.

Main works for the Kingaroy project, also in the sunshine state, are expected to be carried out during the year, while construction for the Wyalong plant in the NSW Riverina region is said to have “substantially progressed” with completion expected before the end of this financial year.

The Wyalong solar farm will have 127,000 solar panels that can power 27,000 homes.

Half of this PV project’s output was sold as part of a decade-long agreement with the NBN broadband network to supply around one-fifth of its energy needs.

It comes as the Greek renewables conglomerate secures a financing package from ANZ and Westpac, totalling AU $234 million for additional projects to be financed and constructed in 2023 and beyond.

“Australia is a key market for Mytilineos’ global renewables development strategy, extending across the Asia-Pacific, Europe, and Latin America regions,” said Nikos Papapetrou, Mytilineos’ Renewables Executive Director.

“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 finances for our future projects.”

According to the company, their worldwide pipeline of energy storage projects exceeds 4GW (not all of them completed) of which the Australian portfolio accounts for a total of 400 MW.