Lightsource bp, a global leader in the development and management of solar energy projects, has successfully closed on a AUS$330 million financing package and begun construction on its West Wyalong and Woolooga solar projects located in New South Wales and Queensland, Australia. Financing for the projects was secured from EDC, ING, Intesa Sanpaolo and Westpac, demonstrating solar energy’s resilience amidst the volatility in the global energy landscape in the last year.
Adam Pegg, Country Manager – Lightsource bp Australia, said: “Although COVID-19 has disrupted the energy landscape, we are proud to be able to start construction and complete the financing of two large solar projects on a subsidy-free basis, demonstrating the resilience of solar as a sustainable solution to meeting the rising global energy demands. With 520 MWdc under construction and more than 1.5 GWdc in the pipeline, these investments now establish Lightsource bp as a leader in the Australian solar market and we welcome the support of ING, EDC, Westpac and Intesa Sanpaolo.”
Combined, West Wyalong and Woolooga will produce approximately 673 GWh/yr of renewable electricity – enough to power nearly 100 000 Australian homes and cut carbon emissions by 540 000 t, which is the equivalent of taking around 225 000 fuel-burning cars off the road.
Construction by PCL on both projects has commenced under an early works agreement with full notice to proceed now issued and commercial operations are expected mid-2022. Together with the Wellington solar hub, the West Wyalong and Woolooga projects contribute to Lightsource bp’s pipeline of more than 1.5 GWdc – making the company one of the largest solar developers to own and operate in Australia once its sites are operational.
Lightsource bp was advised on the projects by Macquarie Capital and King & Wood Mallesons.
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Read the article online at: https://www.energyglobal.com/solar/04062021/lightsource-bp-secures-financing-package-for-australian-solar-projects/