Naturgy To Boost Australian RE Pipeline With AUD 2.3 Billion Loan
Source：taiyangnews
International subsidiary GPG lands financing agreement with 11 banks
Naturgy will advance its renewable energy capacity with AUD 2.3 billion through its portfolio financing platform GPG. (Illustrative Photo; Photo Credit: Sabrina Bracher/Shutterstock.com)
Key Takeaways
- Naturgy has secured an AUD 2.3 billion loan to accelerate the expansion of its renewable energy pipeline
- It will support the continued development of 1.8 GW of the company’s wind, solar and hybrid projects in Australia
- This includes 1 GW in operation and another 360 MW under construction, along with 510 MW capacity ready to enter construction
Spanish multinational natural gas and electricity company Naturgy has landed AUD 2.3 billion ($1.5 billion) in financing through its international subsidiary Global Power Generation (GPG) to invest in its wind and solar energy plants in Australia.
GPG is jointly owned by Naturgy and Wren House Infrastructure Management which is the infrastructure investment arm of the Kuwait Investment Authority. The financing from 11 international banks includes both domestic and international lenders.
It is structured around its 8 operational assets comprising 6 wind farms, 1 battery storage project and a hybrid solar and storage project. It will also support 2 under-construction solar PV plants, and a hybrid solar-battery project that’s currently under development.
In total, GPG closes 2024 with 1 GW of projects in operation, in addition to 360 MW under construction and 510 MW ready to begin construction, stated Naturgy.
Present in Australia for over 15 years, Naturgy holds a combined installed capacity of over 1.8 GW comprising 758 MW of wind, 818 MW of solar and 245 MW/600 MWh of storage. It is also constructing the 260 MW Glenellen and the 100 MW Bundaberg solar PV projects in the country.
“The transaction reflects the strong position of the Naturgy Group in Australia, through its subsidiary GPG, as one of the most successful independent electricity producers in recent years and a firm commitment to the consolidation of the platform and its growth in the future,” said GPG CEO Francisco Bustío.
This financing for Naturgy follows another €1 billion loan it raised recently from the European Investment Bank (EIB) for its new solar and onshore wind power stations in Spain.