Mytilineos – Completes funding for photovoltaics in Australia

Mytilineos has completed the financing process (without reduction or guarantees from the parent company – non-recourse financing), for the -voltaic projects Corowa, Junee and Wagga in New South Wales in Australia, through the financial institutions ANZ, Societe Generale, and Westpac.

This 120 MWp portfolio (40 MWp per project) was acquired in 2019 as part of Mytilineos’ strategic entry into the Australian market, one of the most demanding and competitive markets in the world, where access to “clean” energy is still in demand by many large companies. The projects will generate 220 GWh per year, powering Australia’s electricity system and reducing carbon dioxide emissions by 180,000 tons a year.

Most of the energy produced and Large Scale Production Certificates (LGCs) of the three projects are sold under a ten-year “Green” Energy Purchase Agreement (PPA) to Coles, one of Australia’s largest food retail chains with more than 2,400 stores .


Despite the adversity and difficulties imposed by the covid – 19 pandemic, the construction of the projects was successfully carried out by the Renewable Energy & Storage Development (RSD) Sector of Mytilineos and was completed in the first half of 2021, proving the company’s ability to bring in the end demanding projects. The financing is structured in such a way as to allow the financing of each project on the respective Commencement Date of Commercial Operation and includes fixed-term loans of AUD 95 million and AUD 9 million for the project and ancillary facilities respectively.

This is the first Mytilineos project funding in Australia and the first Mytilineos Renewable Energy & Storage Development (RSD) funding for -voltaic projects.

Nikos Papapetrou, General Manager of Renewables & Energy Storage (RSD), said: “Australia is a key market for Mytilineos’ global Renewable Energy Strategy, which covers all of Europe and Latin America. We are happy for the trust shown in the company and in our vision in the region and we expect more successful financing “.

ANZ Executive Director of Corporate Finance Mark Clover said: “ANZ is very pleased to have supported Mytilineos in financing its first investment in Australia, providing valuable ‘green’ energy in New South Wales as the State transitions to zero carbon footprint. “Mytilineos ‘expansion in Australia is closely aligned with ANZ’ s Environment, Society, Governance (ESG) approach, which aims to support the financial well – being and sustainability of our customers.”

Pascal Sefrin, CEO of Societe Generale Branch in Australia, said: “Societe Generale is pleased to support Mytilineos as well as the energy transition to Australia through this innovative renewable energy project financing.”

Alastair Welsh, CEO of Corporate & Institutional Banking, Westpac Institutional Bank, said: “We are proud to support Mytilineos in financing this portfolio of RES projects and look forward to expanding our partnership as the company expands its presence. Australia. “We welcome Mytilineos ‘commitment to developing sustainable energy solutions and, in turn, to support Australia’ s energy transition.”

Linklaters Allens has acted as a consultant to Mytilineos, White & Case as a Lending Consultant, DNV as a Technical Lending Consultant, Baringa as a Purchasing Consultant, Willis Towers Watson as an Insurance Consultant and Ernst & Young as a Tax Consultant and auditor of financial models.

The remaining projects in the Australian portfolio are maturing and will be ready for construction during 2022, further consolidating Mytilineos in the wider Australian and Pacific market.

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