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In October 2019 we announced the signing of a senior debt facility with ING and EDC (Export Development Canada) to fund our first Australian solar project. At that time, the 200MWp solar installation, near Wellington, NSW, was the largest single plant we had financed to date. It was also one of the first times that bifacial solar panels will be installed at this scale in Australia.
Forging new financial partnerships
The funding partnership marks the start of a new relationship for Lightsource bp, ING and EDC. The senior debt facility aligns neatly with both partners’ desire to finance sustainable companies, as well as supporting EDC’s objective to promote Canadian exports and Canadian foreign direct investments for companies of all sizes.
Showcasing new technology
The Wellington solar project features next-generation Canadian Solar bifacial panels, alongside Array Technologies Inc. single axis tracking. This combination allows Lightsource bp to operate the site to maximum efficiency and boost levels of energy production, and makes the site one of the largest bifacial solar projects in Australia. It is a clear indication of the strength of our supply chain and developmental expertise, as well as our ability to form strong partnerships with other industry leaders.
The majority of the electricity generated by the site will be sold by Lightsource bp to Snowy Hydro via a 15-year Power Purchase Agreement (PPA). With an installed capacity of 200MWp, it will produce approximately 435,000MWh of clean, renewable electricity a year, enough energy to power approximately 72,500 homes and cut carbon emissions by 350,000 tonnes – the equivalent of taking around 121,500 cars off the road.
For more information, see our project page.