URGENT UPDATE: Potentia Energy has just secured approximately AU$830 million (US$557 million) in a significant financing package that will enhance renewable energy projects across Australia. This substantial funding, provided by a syndicate of major banks including the Bank of China and HSBC, supports Potentia’s existing renewable energy assets and paves the way for new initiatives, particularly in energy storage.
The financing deal consolidates debt across Potentia’s portfolio, which boasts over 600MW of capacity from six assets nationwide. This infusion of capital is crucial as Potentia gears up for multiple utility-scale projects that have received regulatory green lights. Notably, the company’s 500MW solar and 1,000MWh battery storage project in New South Wales is set to commence construction in early 2027, aligning with the development of the Central-West Orana Renewable Energy Zone (REZ).
In addition to this landmark financing, Potentia has also obtained approvals for several other projects, further solidifying its role in Australia’s renewable landscape. This includes the innovative hydrogen and renewable energy project located approximately 15km northeast of Port Augusta, which became the first to gain approval under South Australia’s Hydrogen and Renewable Energy Act.
Atmos Renewables, another key player in the renewable sector, achieved financial closure on its green loan portfolio refinancing in December. This package was oversubscribed, showcasing a robust interest from both domestic and international banks, including Commonwealth Bank and Deutsche Bank. This refinancing aligns with the Asia Pacific Loan Market Association’s Green Loan Principles, allowing Atmos to enhance its flexibility for upcoming project developments.
The proceeds from Atmos’s refinancing will support the construction of its Western Australia project, featuring a four-hour duration battery storage system that will become its 18th operational asset upon completion in 2027. This project is part of a broader strategy that includes priority developments targeting financial closure in 2026, such as the 400MW/1,600MWh Teebar Battery project.
Atmos has also entered into an Early Contractor Involvement Agreement with Enerven for the Teebar BESS, leveraging Enerven’s experience in delivering substantial utility-scale battery projects in Australia. Meanwhile, the company is making strides on its 300MW/1,200MWh Heywood Battery project in Victoria, with expectations for financial closure within the next 18 months.
As the renewable energy sector in Australia accelerates, the latest funding developments signify a strong commitment to sustainability and innovation. Potentia and Atmos are at the forefront of this energy evolution, poised to make impactful contributions that align with global climate goals.
Stay tuned for further updates as these projects unfold and reshape the future of renewable energy in Australia.
