Financial Close: Neoen Closes Financing For First Sub-Project of Giant RE Project in South Australia

Paris, France - At the end of December 2022, Neoen, one of the world's leading renewable energy-based producers, has reached financial close on the first 209 megawatts (MW) of its 412 MW Goyder South Stage 1 wind farm near Burra in the Mid North region of South Australia.

The project is being financed through 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.

Neoen has so far signed two long-term power purchase agreements for the 209 MW tranche, a 14-year contract for 100 MW with the Australian Capital Territory (ACT) government and a 10-year contract for 40 MW with Flow Power, an Australian power utility. The remaining 203 MW of Goyder South Stage 1 is to be commercialized under an agreement with BHP, a leading global resource company. Financing for this second part of Goyder South Stage 1 is expected to be completed in 2023.

Construction of the 75 wind turbine, 412 MW Goyder South Stage 1 project is currently underway, with the project expected to be operational in 2024. Once operational, the farm will be the largest wind energy project in Neoen's portfolio to date.

Goyder South Stage 1 is the first phase of Neoen's flagship Goyder Renewables Zone project, 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, Neoen said in its announcement.

RENIXX Group Neoen's shares have gained slightly by 1.1 percent to €37.85 in the past 2022. In yesterday's trading, the stock has lost 1.0 percent to 36.92 euros (closing price, Jan. 04, 2023, Stuttgart Stock Exchange).

Source: IWR Online, 05 Jan 2023