At 460 MWp, the Western Downs Green Power Hub is set to be Australia’s largest solar park. In late October, French renewables giant Neoen announced financial close on the project, the largest in its portfolio and with the potential to generate enough solar energy to power every home on the Sunshine Coast.
Today it has been revealed just what an international effort said financing entailed as Germany’s Norddeutsche Landesbank announced that it participated in the financing of the project along with six other major international banks, totalling an investment volume of €370m (AUD$598m).
Along with Natixis, Société Générale, MUFG Bank, British HSBC, Sumitomo Mitsui Banking Corporation and the Commonwealth Bank of Australia, Norddeutsche Landesbank’s helped to facilitate the transaction through its Singapore branch.
The multi-party deal emphasises the accelerating shift toward global green finance. As a recent Institute for Energy Economics and Financial Analysis (IEEFA) report states, more than 120 major global banks and insurers have announced policies restricting coal financing and more are being announced every week. These funds are being redirected toward renewable projects.