Neoen Australia has closed a new debt financing package of A$1.8 billion, about US$1.2 billion, covering a 1.2 GW portfolio of five assets across three states, the company announced on October 30. Group chief executive Xavier Barbaro called it the company’s largest financing to date and said it would strengthen the balance sheet and support investment in new projects.
The portfolio mixes operating assets with projects under construction. In South Australia it holds the Hornsdale Power Reserve battery at 150 MW and 193.5 MWh and Stage 1A of the Goyder South Wind Farm at 209 MW. In New South Wales it holds the 440 MWp Culcairn Solar Farm and the Culcairn Battery at 215 MW and 963 MWh. In Western Australia it holds the 179 MW Narrogin Wind Farm.
Thirteen lenders participated: the Clean Energy Finance Corporation, NAB, Westpac, ANZ, Bank of China, HSBC, Export Development Canada, ING, KfW IPEX, Mizuho, UOB, Société Générale and Bank of America. The presence of two public lenders, Australia’s CEFC and Canada’s export credit agency, alongside eleven commercial banks is the structural point: state balance sheets are inside the syndicate, not standing behind it with guarantees.
Including this package, Neoen says it has raised more than A$5 billion of debt in Australia since 2024, covering 4.7 GW across 20 wind, solar and storage assets. The company describes itself as Australia’s largest renewable energy company, with more than 6 GW contributed to date, and targets 10 GW in Australia by 2030. Portfolio-level borrowing against seasoned assets, rather than project-by-project financing, is how the large developers are now funding the next construction wave at lower cost.