Global renewables developer Fotowatio Renewable Ventures (FRV) has achieved financial closing on an AUD-1.2 billion (USD 784m/EUR 723.1m) refinancing facility supporting its 1-GW portfolio of solar projects in Australia.
The deal is tied to the company’s eight assets, including some operational plants and projects under construction, FRV said on Wednesday.
Specifically, the debt package includes a term loan refinancing the portfolio’s existing loan, as well as a Letter of Credit (LC) facility and a working capital facility for FRV’s business developments in Australia. Eleven lenders took part in the refinancing transaction, among which are ING Bank, Westpac Banking Corp, MUFG Bank and Societe Generale.
FRV Australia is a joint venture between Saudi Arabia’s Abdul Latif Jameel Energy and Canadian pension fund and asset manager and investor OMERS Infrastructure. Its portfolio is located in the eastern part of the country, covering the states of New South Wales, Queensland and Victoria. Among the assets is the 300-MWp Walla Walla solar project in New South Wales and the Dablby solar-plus-storage park in Queensland, which was brought online in July.
