METLEN secures AUD 460 million refinancing for Australian solar farms with leading banks

METLEN secures AUD 460 million refinancing for Australian solar farms with leading banks

(IN BRIEF) METLEN has closed a comprehensive refinancing package for its Australian solar portfolio, securing AUD 460 million in new facilities on 23 May 2025 alongside Deutsche Bank, Intesa Sanpaolo and Westpac. The deal refinances six operational solar farms in New South Wales and Queensland and the construction of the 150 MWp Munna Creek Solar Farm. Once all projects are fully commissioned, the portfolio will deliver nearly 1 TWh of renewable energy annually, reducing emissions by approximately 650 000 tonnes of CO₂. The majority of power and LGCs are covered by ten-year green PPAs with major corporate and utility partners, while METLEN’s subsidiary oversees EPC and O&M. Top advisory roles were filled by Herbert Smith Freehills, White & Case, RINA, DNV, Baringa, WTW, Deloitte and Mazars, with Westpac coordinating core banking functions.

(PRESS RELEASE) ATHENS, 18-Jun-2025 — /EuropaWire/ — METLEN has successfully finalized the refinancing of its entire Australian solar asset portfolio, achieving financial close on 23 May 2025 with Deutsche Bank, Intesa Sanpaolo’s IMI CIB division and Westpac Banking Corporation. The refinancing package comprises a AUD 269 million operating term facility for existing farms, a AUD 158 million construction facility for its near-complete Munna Creek project, and AUD 33 million in ancillary facilities.

The portfolio spans seven fully operational solar farms across New South Wales and Queensland—Corowa (40 MW), Junee (40 MW), Wagga (64 MW), Wyalong (75 MW), Moura (110 MW) and Kingaroy (53 MW)—together with the 150 MWp Munna Creek Solar Farm nearing construction completion near Gympie. Developed, financed and constructed over the past six years as part of METLEN’s strategic Australian market expansion, these assets are slated to generate close to 1 TWh of clean electricity annually, offsetting around 650 000 tonnes of CO₂ emissions.

Most of the power output and Large-scale Generation Certificates are contracted under decade-long green PPAs with offtakers including CS Energy, Coles, Telstra, the National Broadband Network, SmartestEnergy and Zen Energy. METLEN’s subsidiary manages all EPC and O&M services. Herbert Smith Freehills served as borrower counsel, White & Case as lender counsel, with RINA and DNV providing technical due diligence, Baringa advising on market strategy, WTW handling insurance, Deloitte overseeing tax affairs and Mazars auditing the financial model. Westpac additionally acted as facility agent, security trustee, account bank, hedging coordinator and structuring bank.

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SOURCE: Metlen Εnergy & Metals