Pacific Hydro secures financing for Haughton Solar Farm
23 October 2018
Pacific Hydro has reached financial close on $115M of non-recourse project financing for its 100MW Haughton Solar Farm near Townsville in Queensland. Finance was provided by the Industrial and Commercial Bank of China Limited, National Australia Bank Limited and Westpac Banking Corporation.
Pacific Hydro CFO Robert Spurr said of the transaction: “We are pleased to have reached financial close on Pacific Hydro’s first solar farm and first project in Queensland. The project has received strong support from the local community, contractors, advisers and financiers.”
The Haughton Solar Farm, approximately 60km south east of Townsville in northern Queensland, will comprise nearly 400,000 photovoltaic modules. Construction of the project is underway, with completion expected in mid 2019. Once completed, Haughton will provide enough electricity to power approximately 50,000 homes per year.
Herbert Smith Freehills was the legal counsel to Pacific Hydro; Gilbert + Tobin acted as legal counsel for the financiers; and, Planum Partners acted as financial adviser to Pacific Hydro.
Founded in Australia in 1992, Pacific Hydro is a global renewable energy owner, operator and developer. It operates a high quality, diversified portfolio with an installed capacity of ~880 MW across Chile, Australia, and Brazil; it is also developing a substantial number of projects totalling over 2 GW of potential capacity; and has a growing electricity retail business in Australia (Tango Energy). Pacific Hydro is fully owned by State Power Investment Corporation of China (SPIC).
Media contact: Adam Chandler, Senior Project Leader Communications 1800 730 734