ESCO Pacific and Shell have announced today that they have formed a strategic Partnership, combining ESCO Pacific's solar development and asset management expertise together with Shell's global scale and energy capabilities.
Palisade Investment Partners and ESCO Pacific are pleased to announce that the $225 million Ross River Solar Farm has reached financial close. Construction will now commence on the 148MW project which is located on a 202-hectare former mango plantation near Townsville.
The project will be funded through equity commitments from Palisade’s recently-launched Palisade Renewable Energy Fund and three of Palisade’s institutional clients, the Clean Energy Finance Corporation (CEFC), VicSuper and HESTA.
The Palisade Renewable Energy Fund is open to commitments and has a diversified portfolio comprising Ross River and two operational wind farms. It will continue to invest in renewables projects across the spectrum – from late-stage development through to operational assets – giving investors access to a broad range of opportunities that meet sustainability objectives and generate stable long-term returns.
ESCO obtained development approval for the solar farm from Townsville City Council in June 2016. It has since received approval for a further 470MW of solar farms in Queensland, forming part of its secured development pipeline in excess of 1,500MW.
Palisade and ESCO signed a long-term PPA for Ross River with EnergyAustralia in December 2016. The partners then completed project development and Palisade arranged the senior debt for the project from Australia and New Zealand Banking Group, The Bank of Tokyo-Mitsubishi UFJ and Westpac Banking Corporation. Construction is expected to take 12 months and will be undertaken by Downer Utilities Australia with oversight from CAT Projects as owner’s engineer.
ESCO Pacific Managing Director and founder, Steve Rademaker, said: “Achieving financial close on the Ross River Solar Farm demonstrates ESCO Pacific’s ability to deliver projects to a bankable standard. We have a significant pipeline of projects and a proven platform to deliver projects to market over the coming years.”
Palisade Managing Director and CEO, Roger Lloyd, said: “We are excited about this investment which further diversifies Palisade’s renewables portfolio. Palisade’s hands-on approach to taking greenfield projects through the development phase to financial close allows us to shape our investments in a way that minimises risk and maximises returns.”
The CEFC will invest around $20 million in the Ross River Solar Farm as part of its $100 million allocation to Palisade’s renewable energy strategy. In addition, the CEFC has provided a $75 million cornerstone commitment to the Palisade Renewable Energy Fund, sending a strong signal to institutional investors and accelerating the delivery of clean energy opportunities.
Australian utility scale solar project developer ESCO Pacific is pleased to announce the achievement of the final development milestone for its Wyalong Solar Farm, following acceptance of an Offer to Connect from the local grid operator Essential Energy a few weeks ago.
John Laing and ESCO Pacific would like to announce the acquisition and financial close of the 174.9 MWp Finley Solar Farm. John Laing, leading international infrastructure investor, earlier this week acquired a 100% interest in the project from ESCO Pacific contemporaneously with the project achieving financial close with debt funding provided by Westpac and ANZ.
ESCO Pacific and BlueScope are pleased to announce the signing of a 7 year Power Purchase Agreement (PPA) with ESCO Pacific’s 175MWDC (133MWAC) Finley Solar Farm project.
ESCO Pacific and Elliott Advisers (UK) Ltd. (“Elliott”) are pleased to announce the successful financial close of the 98MW Susan River Solar Farm and 75MW Childers Solar Farm, both located in South East Queensland.
Australia’s largest solar project has moved a significant step closer towards construction and operation.