Genex achieves financial close for Jemalong solar project

Genex Power has completed the refinancing of the existing 50MW solar farm at Kidston and has achieved financial close for its 50MW Jemalong solar facility. Genex has said the $192 million financing deal is the first green loan certified under the latest internationally recognised Climate Bonds Standard. The senior debt facility is being provided by Westpac, Nord/LB, and DZ Bank with Australia’s Clean Energy Finance Corporation also providing an underlying facility. Victoria Power Networks unit Beon Energy Solutions has been chosen as the EPC contractor and O&M services provider. Construction has now started and when commercial operation commences in a year's time Jemalong will operate on a merchant basis.