Renewable energy solutions developer Fotowatio Renewable Ventures Australia (FRV Australia) has reached the financial close on the Walla Walla solar farm in New South Wales, Australia.
Lenders including ING, Clean Energy Finance and Export Development Canada, have provided the project financing in the form of a green loan.
The Walla Walla Solar Farm is located 4km northeast of Walla Walla and around 40km north of Albury with a peak power capacity of around 300MWac.
It represents the fifth solar farm developed by FRV Australia in the NSW region and the 10th solar farm in Australia.
FRV Australia has selected solar and renewable energy projects developer Gransolar for the construction of the Walla Walla solar project in a joint venture with CHINT Solar.
The project will be built on the traditional land of the Wiradjuri people and will be connected to Australia’s national energy grid.
It is expected to create up to 250 jobs during the construction phase, employ three to four permanent operational staff, and contract local businesses for maintenance.
The Walla Walla solar farm would significantly contribute to economic development in the Riverina region, said FRV Australia.
Last year, FRV Australia signed a 15-year power purchase agreement or PPA with Microsoft for Walla Walla solar farm.
Once operational, the project will supply renewable energy to Microsoft data centres in Australia.
The PPA is said to have played an important role in FRV Australia achieving financial close on the solar farm.
It will help add clean energy to the electricity grid and supports Microsoft’s goals of achieving 100% renewable energy by 2025, said the company.
In November this year, FRV Australia completed the refinancing of the 56MWac Moree solar farm in NSW and refinanced Queensland’s 100MWac Lilyvale Solar Farm in July.
Recently, the company secured conditional funding from ARENA to support the 250MW Gnarwarre lithium-ion battery energy storage system (BESS) project in Victoria.
