NEOEN SA (EPA:NEOEN) - Neoen completes financing for Western Downs Green Power Hub

Transparency directive : regulatory news

26/10/2020 08:25

Media Release

Sydney & Paris, 26 October 2020

Neoen completes financing for Western Downs Green Power Hub, Australia's
largest solar farm

* Neoen has reached financial close on Western Downs Green Power Hub
* At 460 MWp, Western Downs will be Australia's largest solar farm
* The project is supported by a landmark 352 MWp power purchase agreement with
CleanCo, Queensland's publicly owned renewable energy company
* Debt will be provided by a syndicate of seven lenders, with Neoen retaining
100% equity stake

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world's leading and
fastest-growing producers of exclusively renewable energy, has completed
financial close on Western Downs Green Power Hub, a 460 MWp solar farm located
near Chinchilla in South West Queensland. Entirely owned by Neoen, Western
Downs will be the largest solar farm in Australia, delivering clean energy into
Powerlink's transmission network and bringing significant economic benefits to
the region.

The financing of Western Downs was completed five months after Neoen secured a
352 MWp power purchase agreement with CleanCo Queensland, in one of Australia's
most substantial renewable contracts to date. The project will contribute over
30% of the energy required for CleanCo to meet its target of 1 GW of new
renewable energy generation by 2025. CleanCo is focused on activities that
contribute to achieving the sunshine state's 50% renewable energy target by
2030 and create new investment and jobs in regional Queensland.

Total project costs will amount to approximately A$600 million, with debt
provided by a syndicate of seven lenders: Natixis, Société Générale,
Sumitomo Mitsui Banking Corporation, MUFG Bank, NORD/LB, HSBC and Commonwealth
Bank of Australia.

The investment is expected to create over 400 construction jobs in the local
area and South West Queensland region. Sterling & Wilson were appointed as the
project's Engineering, Procurement & Construction (EPC) contractor in May,
design and engineering works began in June, and site mobilisation is expected
in Q4 2020. Construction is expected to take over a year, with energy
generation scheduled to commence in 2022. The solar farm will generate energy
to power 235,000 Queensland homes, or enough to power every home on the
Sunshine Coast.

Louis de Sambucy, Neoen Australia's Managing Director said: "We are delighted
to announce that Western Downs Green Power Hub has reached this important
financial milestone. It represents a major achievement in a challenging
environment. I would like to congratulate the team and thank our bank group and
advisors for their trust and commitment. We are extremely proud to be
partnering with CleanCo and Powerlink and we're looking forward to playing our
part in helping Queensland reach its ambitious target of 50% renewable energy
by 2030'.

Maia Schweizer, CleanCo Queensland's CEO said: "We are thrilled to be involved
in the Western Downs Green Power Hub, which will help drive electricity
affordability and create regional growth and jobs for Queenslanders. Generation
from projects like the Western Downs Green Power Hub and our portfolio of hydro
and gas allows us to supply reliable clean energy products tailored to
commercial and industrial customers at competitive prices."

Xavier Barbaro, Neoen's Chairman and Chief Executive Officer said: "We are
excited to be extending our Australian footprint into the great sunshine state
of Queensland. At 460 MWp it will be the largest solar farm in our global
portfolio and will take our total operating capacity in Australia to over 1.5
GW. The financing of Western Downs Green Power Hub in the current environment
demonstrates again how our business model of long-term ownership provides
confidence to our lenders."

About Neoen

Neoen is one of the world's leading and fastest growing independent producers
of exclusively renewable energy. With a capacity of more than 3.6 GW in
operation or under construction, Neoen is a high-growth company. Neoen is
notably active in Australia, Argentina, El Salvador, Finland, France, Ireland,
Jamaica, Mexico, Mozambique, Portugal and Zambia. In particular, Neoen operates
France's most powerful solar farm (300 MWp) in Cestas, and the world's first
big battery (150 MW storage capacity) in Hornsdale, Australia. Neoen is
targeting at least 5 GW capacity in operation or under construction by end of
2021. Neoen (ISIN Code: FR0011675362, ticker: NEOEN) is listed in Compartment A
of the regulated market of Euronext Paris.

For more information: www.neoen.com

Contact

Neoen
communication@neoen.com

Australian media

Red Havas
neoen@redhavas.com

International media

OPRG Financial

Isabelle Laurent
+33 1 53 32 61 51
Isabelle.laurent@oprgfinancial.fr

Fabrice Baron
+33 1 53 32 61 27
Fabrice.baron@oprgfinancial.fr

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