Asia-Pacific green energy provider Vena Energy has locked in AU$1.4 billion in green financing facilities to expand its renewable energy and battery storage footprint across Australia.
The funding package are structured across two separate transactions and combines greenfield project finance with the strategic refinancing of existing assets.
The capital injection will back a portfolio that spans operational and under-construction solar and battery energy storage system (BESS) assets across Queensland, South Australia and New South Wales.
The first transaction will support 294 megawatts-peak (MWp) of operational solar, alongside 320 MWp of solar capacity and 408 megawatt-hours (MWh) of battery storage currently under construction across South Australia’s Tailem Bend and Queensland’s Wandoan South precincts.
The second transaction will fund the construction of two adjacent 583 MWh battery units in New South Wales, alongside the existing 150 MWh Wandoan South battery system.
Vena Energy Group Chief Investment Officer Simone Grasso said: “Vena Energy takes a disciplined approach to capital allocation, and these transactions demonstrate our ability to mobilise long-term capital at scale for high-quality green infrastructure.
“Australia remains a key market within our Asia-Pacific growth strategy, and the strong support from leading international and local lenders reinforces confidence in our platform.”
Once completed, the included solar assets are expected to generate enough clean power to supply the equivalent annual electricity needs of roughly 198,000 Australian homes.
The projects will also displace more than one million tonnes of greenhouse gas emissions annually, the equivalent of removing 228,000 cars from the road, and save an estimated 904 million litres of water each year compared to traditional fossil-fuel generation.
Owen Sela, Head of Australia at Vena Energy, welcomed the major banking syndicate’s backing, which includes Westpac, BNP Paribas and ING.
“By aligning financing structures with complementary assets, we are able to continue scaling our Australian platform and delivering infrastructure that supports grid stability, reliability and the integration of more renewable energy into the system,” Sela said.
