ECONOMY

Mytilineos completes financing of Solar Farm project in Australia

mytilineos-completes-financing-of-solar-farm-project-in-australia

Greek industrial group Mytilineos on Thursday announced it has completed the financing process for the photovoltaic projects in Corowa, Junee, and Wagga Solar Farms in New South Wales in Australia, with lenders ANZ, Societe Generale and Westpac.

This 120 MWp portfolio (40 MWp each project) was acquired in 2019 as part of Mytilineos’ strategic entry to the Australian market, one of the most demanding and competitive markets in the world, where access to “clean” energy is still in demand for many large companies.

These solar parks will produce 220 GWh annually, to power Australia’s electricity system, reducing 180,000 tons of carbon dioxide emissions per year.

Most of the power produced and of the Large Scale Generated Certificates from the three projects are sold under a 10 year “Green” Power Purchase Agreement (PPA) with Coles, a major Australian food and grocery retailer with more than 2,400 stores nationwide.