Elgar Middleton acted as financial adviser on the 330MW Darlington Point solar PV project in Australia
The transaction involved raising construction and term loan facilities for a 330MW solar PV plant, near Darlington Point, NSW. Octopus Investments and Edify Energy are the project’s sponsors.
Elgar Middleton led the financing process and assisted the sponsors in achieving financial close on 21 December 2018, with Commonwealth Bank of Australia and Westpac Banking Corporation underwriting non-recourse debt facilities for the deal.
Construction of the solar project has already commenced and full power generation is expected before 1Q2020. The project – being the largest solar PV farm in Australia – is expected to generate 685,000 MWh of affordable green electricity each year and is optimised to accommodate battery storage facilities on site.
John Cole, Chief Executive at Edify Energy, commented:
“We are excited to add the largest solar farm in Australia to our portfolio of developed, financed and operational projects. Delivering a portfolio of energy and battery storage projects that will power over 280,000 Australian homes is something we are extremely proud of. Yuriy Davidov and the team at Elgar Middleton have supported Edify Energy in the debt financing of the project and their drive and commitment was instrumental in the project achieving financial close in the tight time frames that were required.”
This transaction is a further testament to Elgar Middleton’s status as one of the leading independent financial advisers in the Australian renewable energy sector.
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