The 255MWp Sunraysia Solar Farm will be the largest solar farm to have commenced construction in Australia this year and will be one of the largest solar farms in the world upon construction completion. The financial close of the project has been underpinned by the coordinated effort of several hundred professionals across various industries.
New South Wales – Maoneng Australia (Maoneng), one of Australia’s leading solar PV developers and owner of renewable energy assets has reached Financial Close for the 255MWp Sunraysia Solar Farm.
The asset is underpinned by two world class Power Purchase Agreements (PPAs) under which UNSW Sydney and AGL Energy (AGL) purchase energy over 15 years.
Maoneng entered into a long-term equity partnership with John Laing for the investment and development of the Sunraysia Solar Farm. In addition, the project has secured debt financing from Nord L/B, ING, Mizuho, Bank of China and National Australia Bank (NAB).
Decmil has been appointed as the head contractor for the project under an Engineering, Procurement and Construction (EPC) Contract and will also undertake the project’s operations and maintenance when the solar farm is in operation.
Maoneng will act as both the construction manager during the construction period and the asset manager during operations.
Acknowledgement of stakeholders
“We would like to acknowledge the contributions from all stakeholders who participated in the development of the project.” said Morris Zhou, CEO and Chairman of Maoneng Group.
At the peak of construction, up to 400 people will be working and living in Balranald, creating significant local economic growth and opportunities to engage with the local community with respect to the renewable energy sector.
“We are very pleased to secure our first solar investment in Australia. After carefully evaluating a number of solar opportunities in the market over the last 2 years, we have invested in Sunraysia Solar Farm, an asset that supports our model to create value through the successful delivery of greenfield infrastructure,” said Justin Bailey, John Laing, Regional Managing Director – Asia Pacific.
“The investment from John Laing is a testament to the quality of the assets that Maoneng develop. We are honoured to have been entrusted by John Laing to deliver the project and operate the solar farm over the long term.” said Qiao Nan Han, Group Vice President of Maoneng.
“The bank group represents the diversity of lenders from various part of the world, who have gathered here in Australia to finance this landmark project,” says Qiao Nan Han.
Frank Schrader, Regional CEO Asia Pacific of NORD/LB said, “We are extremely thrilled to be one of the key financing parties for Sunraysia Solar Farm, and have the pleasure to work with Maoneng again and John Laing Group for the first time in Asia.”
Jules Kaufling, Senior Director Project Finance at Mizuho said, “Mizuho is very excited to be supporting Maoneng and John Laing’s development and investment activities in the renewable energy space in Australia. Mizuho has successfully financed a number of important green energy assets in the recent past.”
“Decmil is looking forward to partnering with Maoneng on the Sunraysia project. Both organisations bring together complimentary skills to successfully deliver this project to the Australian renewable energy market.” said Scott Criddle, Decmil Group, Managing Director and Group CEO.
“They have been working with us for almost a year, in front end engineering and design, preparatory and planning work.We are looking forward to a smooth and well-planned construction phase as we continue to have the support from our key suppliers including Jinko, Schneider and NEXTracker,” said Qiao Nan Han.
“Schneider Electric is excited to be a key supplier for the Sunraysia Solar Project. We have worked collaboratively with Maoneng from the beginning of 2017, providing ongoing technical support to complete the Generator Performance Standards submission.” said Steven Briggs, Director Solar Power Plants – Schneider Electric.
“The Sunraysia Solar Farm is a very exciting development for TransGrid – over the last 18 months TransGrid has connected over 1GW of renewable energy to the NEM, and we have contracts in place to connect at least that much again this financial year,” said Richard Lowe, TransGrid, Executive Manager Business Growth.
“The 15-year solar supply agreement with UNSW is the first of its kind in Australia – bringing together a retailer, developer and corporate.” said Kevin Chen, Director of Project Finance and M&A of Maoneng.
“AGL’s offtake with Sunraysia Solar Farm forms part of AGL’s NSW Generation Plan and plays an important role in AGL’s transition towards cleaner and more affordable energy,” said Qiao Nan Han.
“We would like to thank the lawyers from Norton Rose Fulbright Australia and engineers from Jacobs. We would also like to thank lender’s counsel King & Wood Mallesons who contributed to bringing the project to a successful financial close,” said Qiao Nan Han.
Transcendence is the new blockchain arm of Maoneng. The project leverages Maoneng’s deep execution experience in developing a next-generation blockchain platform for infrastructure projects.
“Transcendence is founded upon the fair and transparent nature of project development and execution that’s been core to our company. We take pride in knowledge sharing and collaboration with stakeholders.The team is looking forward to welcoming industry participants and advisors both new and old along this exciting journey,” said Qiao Nan Han.
About Maoneng Group
Maoneng Group (Maoneng) is an Australian-Chinese developer, owner and operator of renewable power generation assets.
Maoneng has a development pipeline of 500MW of solar farms within Australia and sells energy and large-scale generation certificates (LGCs) to Australian businesses and governments through its projects via a combination of medium and long-term contracts.
Maoneng commissioned the 13MW Mugga Lane Solar Park under the ACT Government’s Reverse Solar Auction scheme in November 2016. Maoneng reached Financial Close on 255MWp Sunraysia Solar Farm in October 2018.,
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