Deutsche Bank has closed an AUD 348 million (USD 232 million) debt and bank guarantee facility for the Goorambat East Solar Farm, serving as the Initial Financer, Bank Guarantee Facility Provider, and Hedge Provider for this project. The 250MW solar farm, being developed by ENGIE near Goorambat and Benalla in northern Victoria, is expected to complete construction and commissioning by 2026.
Rachel Chia, Deutsche Bank’s Head of Project Finance, Asia Pacific said, “Deutsche Bank has provided an all-encompassing financing solution to support ENGIE in the establishment of Goorambat East Solar Farm, further advancing renewable energy solutions in Victoria.”
Laura Caspari, Managing Director of Renewables for ENGIE Australia, announced that agreements with five local Goorambat families have been signed, and early construction activities have commenced. Contractors Bouygues Construction Australia, Equans Solar & Storage, and connection works provider AusNet have received the Notice to Proceed, with full-scale construction expected to begin in the coming months.
“Once completed, at its maximum capacity, the solar farm could generate enough electricity to power the equivalent of 105,000 average Victorian homes, helping to bolster energy security in the state. The solar farm will make the most of an excellent solar resource and existing transmission infrastructure, and the project’s footprint has been optimised to incorporate expert advice, community input and guidance from authorities captured over years of best-practice engagement,” she said.
She added that the project marks a significant private investment in regional Victoria, expected to create around 250 jobs during the construction phase and establish a community benefit fund aimed at delivering long-term advantages to Goorambat and nearby communities.
ENGIE previously committed to a community benefit fund of $75,000 annually for the duration of the project, along with up to $1,000 in yearly electricity rebates for eligible nearby residents once electricity generation begins.
The Goorambat East Solar Farm is situated about 500 meters east of Goorambat and 12km north of Benalla, Victoria, between Shepparton and Wangaratta. The solar farm will connect to the newly constructed Goorambat East Terminal Station, located alongside the existing 220kV transmission line between Shepparton Terminal Station and Dederang Terminal Station, which AusNet will operate and maintain under agreements with the Australian Energy Market Operator (AEMO).
