Deal marks second collaboration between bank and renewable energy firm
ANZ has recently facilitated a substantial financing arrangement for Neoen, a renewable energy company, with a total value of $1.1 billion. The financing deal concluded in late February.
In its role as lead arranger, ANZ orchestrated the financing for Neoen's diverse renewable energy portfolio, which encompasses eight wind, solar, and battery storage assets spread across five Australian states, the bank said in a news release. These assets collectively boast a significant generation capacity of 1.5 gigawatts (GW).
Among the notable projects included in the portfolio is the Collie Battery Stage 1, currently under construction in Western Australia's southwest region. As Neoen's inaugural major venture in Western Australia and the company's first four-hour long duration battery globally, the Collie Battery promises to deliver grid-scale services locally while storing high-density, low-cost renewable energy.
Aaron Ross, ANZ's Global Head of Project and Export Finance, emphasised the significance of the transaction in advancing Neoen's vision of a future powered by clean energy. Ross highlighted the pivotal role of investments in wind farms, solar projects, and battery storage facilities in reducing carbon emissions and enhancing grid stability, thereby ensuring reliable energy supply for residents and businesses in Western Australia.
The Collie Battery project, along with other renewable energy assets in Neoen's pipeline, is poised to contribute significantly to Australia's target of achieving 82% renewables penetration by 2030. Construction progress on the Collie Battery remains on schedule, with completion expected in the fourth quarter of 2024.
This financing initiative marks the second collaboration between ANZ and Neoen, following the successful support provided for Neoen's 209 MW Goyder South Stage 1 Wind Farm project in South Australia.
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