A loan of 215 million dollar is secured for waroona renewable energy project by Australia’s Frontier Energy. It inked dollar 215-m senior debt mandate with Infradebt Pty Limited for the first stage of the former’s Waroona Renewable Energy Project in Western Australia
In a bourse filing, Frontier Energy said the terms of the financial assistance include a debt tenor of 17 years which contains the two-year construction period, and a long-term partnership for Infradebt to finance further battery projects developed by Frontier, including Stage Two of the Waroona projects.
Majority of the $215m debt will be funded by the Infradebt Energy Transition Fund, a senior debt fund mandated specifically to provide debt finance to utility-scale battery projects in Australia. A long-form facility agreement and security documentation is predicted to be implemented in September 2024.
The Waroona project is located 120 kilometres south of Perth. Its first stage will have a 120-megawatt (MW) solar farm and an 80MW/360 megawatt-hours battery energy storage system.
By the confirmation of the Reserve Capacity Price from the Australian Energy Market Operator, in September this year, the final debt quantum will be determined