Athens, Greece – June 17, 2025 – METLEN (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) announces that on 23rd May 2025 it has reached financial close with lenders, Deutsche Bank, Intesa Sanpaolo (IMI CIB Division) and Westpac Banking Corporation, on a refinancing of all its operating and under construction assets in Australia.
The portfolio is comprised of operational solar farms in New South Wales and Queensland:
Along with the 150MWP Munna Creek Solar Farm, which is approaching construction completion near Gympie in south-west Queensland.
The projects were acquired, financed and constructed over the past six years as part of the Company’s strategic investment into the Australian market, a competitive power market undergoing significant transition. Once fully operational, the portfolio will produce renewable energy of almost 1 TWh annually, to power Australia's electricity system, avoiding approximately 650,000 tons of carbon dioxide emissions per year.
The majority of the power and Large-scale Generation Certificates (LGCs) produced by the portfolio are sold under 10-year “Green” Power Purchase Agreements (PPAs) with various offtakers including CS Energy, Coles, Telstra, National Broadband Network, SmartestEnergy and Zen Energy. EPC and O&M contracting for the projects is undertaken by a subsidiary of METLEN.
The financing is structured with an AUD269m operating term facility, AUD158m Munna Creek construction facility and AUD33m of ancillary facilities.
Herbert Smith Freehills acted as borrower counsel, White & Case as lender counsel, RINA and DNV as technical advisors, Baringa as market advisor, WTW as insurance advisor, Deloitte as tax advisor and Mazars as model auditor. Westpac acted as facility agent, security trustee, account bank, hedging coordinator and structuring bank.
