Lightsource BP Renewable Energy Investments Ltd. secured a senior debt facility with ING and Export Development Canada to fund its first Australian solar project.
ING is underwriting two-thirds of the financing, while EDC will fund the remaining third. The amount of the debt facility was not disclosed. National Australian Bank will act as facility agent and security trustee on behalf of ING and EDC, according to an Oct. 23 news release.
Construction of the 200-MWp solar installation, which will use Canadian Solar Inc. bifacial panels, is due to start shortly, the company said. The majority of the project's output will be sold by Lightsource BP to Snowy Hydro Ltd. under a 15-year power purchase agreement.
Lightsource BP is 43% owned by BP PLC.