ING Australia has finalised a funding deal with Lightsource bp for the construction of its 107MW West Wyalong and 214MW Woolooga solar farms in New South Wales and Queensland.
The solar farms are expected to be completed in mid-2022 and will have a combined generation capacity to supply clean power to more than 100,000 Australian households and cut carbon emissions by 540,000MT tonnes – the equivalent of taking around 225,000 fuel-burning cars off the road.
The total financing package is $330 million, with ING providing material support in the construction and hedging facilities.
This financing is ING’s second major project with Lightsource bp in Australia after being the underwriter for a solar farm near Wellington NSW in late 2019.
Head of energy for ING in Australia, Sieuwert De Zwaan, said Lightsource bp has a very good track record of building critical renewable energy infrastructure in Australia.
“ING is proud to partner with Lightsource bp and help with its ambition of increasing the supply of solar energy in Australia,” De Zwaan said.
“We were there for Lighthouse bp’s first solar farm in Australia and here we are financing further expansion of its renewable energy projects across the country.”
The Woolooga Queensland project covers 500 hectares of land which was previously used for grazing. The solar farm will save the equivalent of 114,000 cubic tonnes of carbon emissions being released into the atmosphere.
The West Wyalong solar farm will supply two thirds of the power generated to Snowy Hydro under a 15 year agreement. Snowy Hydro will in turn power all of BP’s 88 service stations in NSW.
ING’s head of wholesale banking in Australia, Charles Ho, said ING’s deep global energy sector expertise and local presence provides Australian clients with the knowledge and funding needed to build renewable energy projects.
“ING is globally committed to the Paris Climate Agreement and is using its lending power to help clients combat climate change and support a lower carbon future for Australia,” Ho said.