UPDATE: Potentia Energy has just secured approximately AU$830 million (US$557 million) in a major financing deal to support its renewable energy projects across Australia. This significant funding, facilitated by a consortium of seven financial institutions, marks a critical moment in the country’s renewable energy landscape.
The financing package will bolster Potentia’s existing renewable energy assets, which exceed 600MW in total capacity, and enable the launch of new initiatives, particularly in energy storage. The group of lenders includes prominent organizations like Bank of China, BNP Paribas (Australia Branch), HSBC (Sydney Branch), and others, underscoring the international confidence in Australia’s renewable sector.
The financing is timely as Potentia is on the verge of commencing construction on its major 500MW solar and 1,000MWh battery storage project in New South Wales, which received unconditional federal environmental approval last year under the Environment Protection and Biodiversity Conservation (EPBC) Act. Construction is set to begin in early 2027, aligning with the development of the Central-West Orana Renewable Energy Zone (REZ) transmission infrastructure, a crucial step towards enhancing Australia’s renewable energy capabilities.
In addition to the New South Wales project, Potentia has also received approvals for various other projects, including a significant site located approximately 15 kilometers northeast of Port Augusta, which is now the first to be approved under South Australia’s Hydrogen and Renewable Energy (HRE) Act. These developments highlight the momentum in Australia’s shift towards sustainable energy solutions.
Furthermore, Atmos Renewables has achieved a major milestone by securing financial closure on its green loan portfolio, consolidating existing asset-level debt across its diverse range of solar, wind, and energy storage assets. This move, which aligns with the Asia Pacific Loan Market Association’s Green Loan Principles, was met with overwhelming interest from both domestic and international banks, indicating a robust appetite for green financing.
The refinancing will enable Atmos to advance its project development, particularly its upcoming 4-hour duration battery storage system in Western Australia. Scheduled for completion in 2027, this project will become Atmos’s 18th operational asset and marks its first battery energy storage system in the region. The financing will also support priority projects targeting financial closure in 2026, including the Parron Maam Marang Farm and the 400MW/1,600MWh Teebar Battery project.
In a strategic move, Atmos has signed an Early Contractor Involvement (ECI) Agreement with Enerven for the Teebar BESS, leveraging Enerven’s experience in delivering utility-scale BESS projects across Australia. Additionally, Atmos’s 300MW/1,200MWh Heywood Battery project in Victoria is progressing towards financial closure within the next 18 months, demonstrating the company’s commitment to expanding its renewable energy footprint.
As these financing deals unfold, Australia’s renewable energy sector is poised for rapid growth, attracting international investment and driving innovation in clean energy technologies. The urgency of these developments emphasizes the pivotal role that financing plays in achieving a sustainable energy future.
Stay tuned for more updates as the landscape of renewable energy in Australia continues to evolve and reshape the industry.
