Impact Investment Group’s $32 million Swan Hill Solar Farm located in northern Victoria has reached financial close that once complete will have a total generating capacity of approximately 19 megawatts.
Herbert Smith Freehills advised on all aspects of the transaction including the project financing, procurement, connection, off take, property, planning and environment.
Herbert Smith Freehills partner Jon Evans said, “Achieving financial close for a new solar project being developed on a merchant basis shows the rapid pace at which the market for these projects is moving. We congratulate IIG on this achievement and its commitment to continue to drive the renewable energy market forward with landmark projects such as this.”
The project will be supported by $16.5 million in debt financing from Infradebt, a specialist fund manager, via its Infradebt Ethical Fund. This newly established fund is focused on renewable projects that will operate on a merchant basis.