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Moree Solar Farm gets govt backing


Source: Climate Spectator, 5 August 2013


The proponents of the Moree Solar Farm have secured a key financing arrangement with the federal government’s Clean Energy Finance Corporation (CEFC).

Developers Pacific Hydro and Fotowatio Renewable Ventures (FRV) will receive $60 million of senior debt finance to help with the build cost of the 56 megawatt solar photovoltaic (PV) facility.

CEFC chief executive Oliver Yates said that CEFC participation would provide a precedent in the Australian market for financing large scale solar PV on a merchant basis.

“The CEFC financing can bridge the required debt funding in the immediate term to enable the sponsors to proceed to construction and provide flexibility to secure a PPA in the future,” he said.

“This utility scale project should help drive down future construction costs as industry participants gain experience building large scale solar projects,”

FRV and Pacific Hydro are now “confident” the project will reach full financial close.

The 350 hectare site has already received planning approval from the NSW government.