Vena Energy, a Singapore-based renewable energy company, has announced financial close on the first stage of its 125MW Wandoan South solar project in the Western Downs area in Queensland, Australia.
The Wandoan South solar project, located near Wandoan, 400km north-west of Brisbane, will generate up to 365GWh of energy per year.
The energy produced by the solar power plant will be sufficient to supply clean renewable energy to about 60,000 averaged-sized Australian homes, said Vena Energy.
The financing for the first stage of the Wandoan project is extended in the form of debt and ancillary facilities by the renewable energy company’s partner banks DBS, ING, OCBC Bank, Intesa Sanpaolo, and SMBC.
According to Vena Energy, the facilities meet the requirements for green loan financing, which is in line with the company’s green financing framework.
Vena Energy Australia head Owen Sela said: “Climate change presents a real and ever-present threat to the environment, as well as our way of life, and Vena Energy is committed to accelerating the development of innovative renewable energy projects and generation of clean, sustainable energy in Australia.
“Even accounting for recent cost inflation trends, solar PV is still one of the most cost-competitive sources of energy in Australia today.
“With the Wandoan South Solar Project, Vena Energy continues to serve its customers’ demand for affordable and clean electricity whilst helping them decarbonise and contribute towards Australia’s net-zero targets.”
DBS Bank served as the joint-green structuring bank, financial model coordinator, and facility agent, while Intesa Sanpaolo acted as the joint-green structuring bank.
SMBC functioned as the technical coordinator and project account bank.
DBS energy, renewables, and infrastructure group head Lim Wee Seng said: “Sustainability and innovation are intrinsically linked, forming twin engines driving progress to achieve a net zero future.
“As a leading bank in sustainable financing, we are excited to continue supporting Vena Energy as it expands its renewables investment footprint, as well as Australia’s efforts to scale its renewable assets and achieve its net zero commitments.”
Recently, the renewable energy company revealed plans to build the 2GW Blue Marlin offshore wind project off the Victorian Coast in Australia’s Gippsland Basin.
