On May 23, METLEN successfully refinanced all its operational and under-construction projects in Australia, partnering with Deutsche Bank, Intesa Sanpaolo (IMI CIB Division), and Westpac Banking Corporation.
The portfolio features active photovoltaic parks located in New South Wales and Queensland:
- Corowa 40MW
- Junee 40MW
- Wagga 64MW
- Wyalong 75MW
- Moura 110MW
- Kingaroy 53MW
Additionally, it includes the upcoming 150MWP Munna Creek PV park, nearing completion.
Over the past six years, these projects have been acquired, financed, and constructed as part of the Company’s strategic investment in Australia’s evolving electricity market. Once fully operational, they are expected to produce nearly 1 TWh of renewable energy annually, significantly contributing to Australia’s electrification and reducing carbon dioxide emissions by around 650,000 tonnes each year.
The majority of the generated energy, along with Large Scale Generation Certificates (LGCs), is contracted through 10-year green Power Purchase Agreements (PPAs) with various buyers, including CS Energy, Coles, Telstra, National Broadband Network, Smartest Energy, and Zen Energy. A METLEN subsidiary is responsible for the engineering, procurement, and construction (EPC) as well as operations and maintenance (O&M) of these projects.
The financing package comprises an operating facility of AUD 269 million, a construction facility for Munna Creek amounting to AUD 158 million, and AUD 33 million in additional facilities.
Herbert Smith Freehills served as legal advisor, while White & Case provided legal counsel to the lenders. Technical advice was supplied by RINA and DNV, with Baringa offering market insights, WTW handling insurance matters, Deloitte advising on tax, and Mazars auditing the financial model. Westpac took on roles as facility manager, account bank, hedging coordinator, and structuring bank.
