Key financing arrangement secured for Moree Solar Farm

2 August 2013

The Moree Solar Farm partners, Fotowatio Renewable Ventures (FRV) and Pacific Hydro welcome the Clean Energy Finance Corporation (CEFC) announcement of an agreement to provide $60 million of senior debt finance.

This very welcome announcement from the CEFC represents another key milestone for the project and brings the 56MW Moree Solar Farm a step closer to realisation.

The Moree Solar Farm partners commend the CEFC for the role they are playing in assisting this and other innovative clean energy projects and we look forward to the day when this project is able to make a significant contribution to the nations clean energy future.

FRV and Pacific Hydro continue to work on finalising other commercial elements of the project and are confident the project will reach full financial close. However, continued uncertainty surrounding the future of the federal renewable energy target post the upcoming federal election continues to hamper progress.

The renewable energy target is already playing a key role in transforming the stationary energy sector and reducing greenhouse gas emissions and is crucial to the further development of innovative clean energy projects like the Moree Solar Farm.

The Moree Solar Farm is a large scale single-axis tracking photovoltaic solar energy project located 10km south of Moree in northern New South Wales. The project secured planning approval from the NSW Government in July 2011.

The Moree Solar Farm will provide enough solar power for the annual electricity use of approximately 15,000 homes and abate over 95,000 tonnes of CO2 equivalent annually.

All questions about the project should be directed to Chloe Carpenter on 1800 337 490 or info@moreesolarfarm.com.au.

All media enquiries should be directed to Michelle Kelly on +61 3 8621 6440