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Australia: Neoen completes financing for the first 209 MW of its Goyder wind farm in South Australia 

05 Jan 2023

  • In late December 2022 Neoen reached financial close on 209 MW of its 412 MW Goyder South Stage 1 wind farm, located near Burra in the Mid North region of South Australia 
  • This first tranche of 209 MW is underpinned by two long term power purchase agreements, with the Australian Capital Territory (ACT) Government and with Flow Power 
  • The asset will be entirely owned by Neoen with debt financing provided by a group of six lenders 
  • Goyder South Stage 1 is currently under construction and on track to be operational in 2024. Once operational, it will be the largest wind asset in Neoen’s global portfolio 
Photo - see caption

Neoen, one of the world’s leading producers of exclusively renewable energy, completed financial close in December 2022 on the first 209 MW of its 412 MW Goyder South Stage 1 wind farm located near Burra, in the Mid North region of South Australia. 

Photo - see caption

This first tranche of 209 MW is underpinned by two long term power purchase agreements: a 14-year contract for 100 MW with the Australian Capital Territory (ACT) Government and a 10-year agreement for 40 MW with Flow Power, an Australian electricity retailer. It has been financed by a combination of equity provided by Neoen and debt facilities provided by a group of six lenders including ANZ, HSBC, Mizuho, Societe Generale, Sumitomo Mitsui Banking Corporation, and Westpac. 

The remaining 203 MW of Goyder South Stage 1 will support the recently announced renewable energy baseload contract with BHP, a world-leading resources company. The financing of this second portion of Goyder South Stage 1 is expected to be completed in 2023. 

Construction of Stage 1 in its entirety, comprising 412 MW and 75 wind turbines, is currently underway with operations expected to commence in 2024. Once operational it will be the largest wind power asset in Neoen’s global portfolio. 

Goyder South Stage 1 is the first phase of Neoen’s flagship project known as Goyder Renewables Zone, a hybrid wind, solar and storage project. Goyder South has development approval for a total of 1200 MW of wind generation, 600 MW of solar generation and 900 MW of battery storage capacity, making it South Australia’s largest renewable project. 

Louis de Sambucy, Neoen Australia’s Managing Director, said: 'We are delighted to announce that Goyder South, Neoen’s most ambitious giga-project, reached this key financial milestone at the end of 2022. I would like to thank the lender group for their trust and their commitment. We are on track to deliver Stage 1 in 2024 and look forward to the contribution it will make to South Australia’s ambition to become a major renewable energy exporter and to the ACT’s goal of reaching net zero by 2045.'

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer concluded: 'I congratulate the team on this achievement which comes just as we are celebrating our 10-year anniversary in Australia. This financing once again underlines the quality of Neoen’s projects and our ability to work with a group of top tier banks. We are proud to be providing our customers in Australia and around the world with local and extremely competitive clean energy.'

Original article link

Source: Neoen

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