Australia’s largest ASX-listed solar infrastructure business, New Energy Solar, is using finance from the CEFC to help to deliver a portfolio of Australian solar power plants to its investors. The Manildra Solar Power Plant, in central-western NSW, is New Energy Solar’s foundation Australian asset.
New Energy Solar is investing in Australian projects with high-quality solar resources and long-term offtake agreements, to generate stable long-term returns for its security holders.
The company already has seven operational solar power plants and a further 14 in construction or committed in the United States.
The 46.7MW (AC)/55.9MW (DC) Manildra plant, developed by First Solar, has a long-term offtake agreement with Energy Australia. It is delivering electricity into the National Electricity Market.
The Manildra plant is expected to generate more than 118,000 megawatt hours of electricity annually. This is equivalent to displacing more than 91,000 tonnes of CO2 emissions per annum, or powering 14,000 homes.
The CEFC is providing a AU$50 million bridging loan facility to assist New Energy Solar to build its presence in the Australian market. The investment reflects the CEFC mission to catalyse additional private sector investment in Australian clean energy. The CEFC finance will also provide further liquidity to the Australian solar development cycle, by providing opportunities for investors to purchase projects from developers.
Once repaid by New Energy Solar, the CEFC finance will be further invested in Australian clean energy opportunities.