Renewable development company Fotowatio Renewable Ventures Australia (FRV Australia) has achieved financial close for 300MWac Walla Walla solar farm in New South Wales (NSW).
FRV Australia, which is jointly owned by Abdul Latif Jameel Energy and Canadian pension fund OMERS, has secured financing from ING, Clean Energy Finance Corporation, and Export Development Canada.
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The financial institutions provided the financing in the form of green loan that is in accordance with the Loan Market Association’s Green Loan Principles.
Located in NSW’s Riverina region, the solar facility will be linked to the national energy grid once it becomes operational.
FRV Australia estimates that the project would create up to 250 construction jobs and plans to hire three to four permanent operational staff.
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It also intends to site maintenance contracts to local businesses.
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By GlobalDataFRV Australia managing director Carlo Frigerio said: “We are delighted to announce that Walla Walla Solar Farm has reached this milestone.
“With the support of all parties involved, we were able to navigate the procurement challenges that affected our industry during the past year, and we are now ready to deliver another high-quality project that will be added to our portfolio, which now reaches 1GW in Australia.”
For constructing the solar facility, FRV Australia awarded a contract to Gransolar in a joint venture with CHINT Solar.
In 2021, FRV Australia signed a 15-year power purchase agreement (PPA) with Microsoft to deliver clean energy from the solar facility to power its Australian data centres.
Microsoft Australia and New Zealand managing director Steven Worrall said: “FRV’s capabilities to deliver results in the Australian energy market will support our transition to 100% renewable energy by 2025 and beyond as we continue to innovate with capable counter-parties to meet our goals.”
