Allens advises ARENA on large-scale solar program projects

Allens' financing team has advised the Australian Renewable Energy Agency (ARENA) in connection with the funding of three solar farms with combined project costs of $274 million.

The three projects form part of a portfolio of 12 projects to receive grant funding from ARENA as part of its large-scale solar competitive round.

The projects include:

• Kidston Solar Farm: a 50MW project located in Kidston, Queensland which is being developed by Genex Power;
• Collinsville Solar Farm: a 42.5MW project located in Collinsville, Northern Queensland which is being developed by RATCH-Australia; and
• White Rock Solar Farm: a 20MW project located near Glen Innes, New South Wales which is being developed by Goldwind Australia.

The Kidston project is supported by a 20-year power purchase agreement under the Queensland Government's Solar 150 Program, while the Collinsville Project is being developed on the basis of merchant revenue, large-scale generation certificates and a long-term offtake contract with Alinta Energy. White Rock Solar Farm is to be developed and financed on a full merchant basis.

All three projects are expected to reach commissioning by 31 March 2018.

'We are delighted to have assisted ARENA with achieving financial close on these key projects,' said lead Partner Rob Watt.

'The provision of funding by ARENA in large-scale solar PV represents a crucial contribution to the development of clean, sustainable energy in Australia.

'This funding round has laid the foundation for a more competitive market and will accelerate reliability and confidence in renewable energy,' Rob said.

These projects build on Allens' recent experience, which includes advising on the financing of a landmark portfolio of solar farms in Queensland and Victoria, the financing of the Manildra solar farm, the sale and project financing of the Silverton wind farm, and the Powering Australian Renewables Fund.

Ends