X-Elio reaches fin close on 200-MW Australian solar project

January 20 (Renewables Now) - Spanish solar developer and operator X-Elio has reached financial close for the 200-MW Blue Grass Solar Farm it is currently building in Queensland, Australia.

The solar photovoltaic (PV) project received backing from the Clean Energy Finance Corporation (CEFC), which announced a AUD-37-million (USD 26.8m/EUR 23.6m) commitment towards the initiative. Other financing contributors are the Australian arm of Dutch banking group ING Group (AMS:INGA), and Sumitomo Mitsui Banking Corporation (SMBC), X-Elio said today.

X-Elio expects Blue Grass to be up and running in the first quarter of 2022. Once fully operational, it will be capable of generating 420 GWh of clean energy per year, enough power to meet the annual power demand of 80,000 local homes.

Blue Grass has a virtual power purchase agreement (VPPA) in place with software company Salesforce.com Inc (NYSE:CRM), the firm adds.

At present, X-Elio currently has a portfolio of over 600 MW of projects in development across the East Coast, including additional projects for New South Wales and Victoria.

(AUD 1.0 = USD 0.72/EUR 0.64) )