Greek Developer Mytilineos Secures Funding for 230 MW Solar Projects in Australia

Greek industrial and energy giant Mytilineos has secured financing of A$234 million for another three solar farms. Mytilineos informed that two solar projects are in Queensland and one in New South Wales. This also marks the final closing of the second of projects pipeline that belong to Mytilineos in Australia.

Mytilineos said that the finance assistance for the solar projects has come from ANZ and Westpac that are two of Australia’s Big Four banks.

The two solar power farms in Queensland are Moura and Kingaroy having capacities of 110MW and 53MW respectively. Wyalong in New South Wales has a capacity of 75MW.

All of the three solar power projects are in different phases of development. Moura has already been completed and is undergoing hold-point testing. Construction has recently begun at the solar farm at Kingaroy. The Wyalong project is only partially developed.

The development work at Wyalong began in the middle of 2022 and Mytilineos will be selling about half of the renewable energy produced in the solar project to NBN Company. Mytilineos has signed a 10-year PPA which is also NBN’s first such deal as the company looks to achieve 100% renewable energy employment in its operations by the end of 2025.

The Moura solar project is located in Banana Shire of Queensland and Mytilineos already has a PPA inked with CS Energy which is a state-owned utility. The Kingaroy solar project also has a PPA with Smartest Energy which is Marubeni owned DISCOM.

All three projects were acquired by Mytilineos in 2019 and 2020 and it is developing these through one of its subsidiaries. As per reports, Mytilineos will be installing a Synchronous Condenser for global green energy company RWE for its project in the United Kingdom. Mytilineos claims to have a growing portfolio of 8.5 GW in renewable energy projects and storage in Greece and other countries.