Neoen raises $A1.8 billion debt package for Australian renewable projects

Neoen has raised $A1.8 billion in new debt finance to support its growing portfolio of renewable energy and storage assets in Australia.

Xavier Barbara, CEO of Neoen Group, stated that the transaction reflects the quality and diversity of the group's assets. He noted that the deal reinforces the company's capacity to invest in new projects across the country.

Lender Consortium

• Commonwealth Bank of Australia
• National Australia Bank
• Westpac Banking Corporation
• Clean Energy Finance Corporation
• Bank of America
• Bank of China
• Export Development Canada
• HSBC
• Société Générale

Portfolio Composition

The debt package secures financing for a mix of generation and storage assets. In South Australia, the portfolio includes the Goyder South Wind Farm Stage 1, a 209 MW facility located near Burra, alongside two battery projects. The Hornsdale battery contributes 150 MW of capacity and 193.5 MWh of storage, while the Culcairn solar farm is adding a larger 215 MW, 963 MWh battery system.

Western Australia hosts the remaining assets, specifically the 179 MW Narrogin Wind Farm, which is currently under construction.

Strategic Context

In 2025, Brookfield Asset Management purchased Neoen for a sum exceeding $10 billion, aiming to expand the firm’s project deployment by a factor of two while divesting specific holdings. To finance this growth, Neoen secured more than $5 billion in aggregate debt since 2024.

The company has already developed 6 GW of wind, solar, and battery infrastructure within Australia. Its objective is to reach a total installed capacity of 10 GW by 2030.

Refinancing Scope and Asset Distribution

This $A1.8 billion financing arrangement addresses a distinct portion of Neoen’s wider Australian portfolio, which aggregates 4.7 GW of capacity spread over 20 wind, solar, and storage facilities in various states. Although the debt instrument specifically backs the Hornsdale battery, the Culcairn solar farm with its linked storage, the Goyder South Wind Farm Stage 1, and the Narrogin Wind Farm, the developer has accumulated more than $5 billion in debt since 2024. These combined borrowings underpin the firm’s growth strategy, aiming to scale its existing 6 GW installed base to a 10 GW objective by 2030. The syndicate consists of 13 domestic and overseas lenders, featuring the Clean Energy Finance Corporation, ANZ, NAB, and Westpac, in addition to international players like Bank of America, Bank of China, Export Development Canada, HSBC, and Société Générale.

What to watch

The financing arrangement underpins Neoen’s forthcoming wind and solar projects, which encompass the Goyder expansion alongside new installations at Yathro, Kadathini, Mt Hopeful, Thunderbolt, and Tchelery.

State authorities are targeting a 100 per cent “net” renewable energy supply by the close of 2027. On 18 October, Luminity noted that Neoen has put forward a 360 megawatt solar initiative in the vicinity of Whyalla, contributing to a wider collection of wind and solar submissions for that area.