Lightsource BP Concludes Financing on Australian Solar Projects

Lightsource bp enters German market

Leading solar developer Lightsource BP has reached financial close on Australian solar projects of 515 MW worth US$365 mn. This 515 MW project capacity entails 425 MW Wellington North Solar Farm that is under development near Dubbo in central west New South Wales (NSW) and the 90 MW Wunghnu Solar Farm located in Victoria’s Goulburn Valley.

ANZ, ING, Mizuho, NORD/LB and Westpac helped secure project financing. The debt package has been structured as a green financing loan.

EPC contractor for the project, Gransolar, which has built over 20,000 MW or EPC projects, has early begun work on the said projects, which are expected to reach completion in 2024.

Adam Pegg, Managing Director, Lightsource bp Australia and New Zealand, said, “We are proud to reach financial close on these projects, and we welcome the backing from ANZ, ING, Mizuho, NORD/LB, and Westpac. This is a fantastic achievement from the Lightsource bp team, and I’m grateful for the strong support from our customers, the local communities in which we operate, and these lenders. This milestone now sees Lightsource bp become the leading solar developer and owner in Australia on a MWac basis.” He added, “It is an incredible effort to reach financial close and construction on 841MWac/1,037MWdc since setting up the business in Australia in 2018.”

In 2021, Lightsource BP, a joint venture between renewable energy developer Lightsource and Britain’s oil major BP, declared in year 2021 that it is striving to achieve 25 GW of solar capacity by 2025. It has revealed that Australia is among its primary markets. At present, it has five projects in operation and in the process of construction across New South Wales, Queensland, and Victoria.