FRV Wins Financing for 20-Megawatt Solar Project in Austr

Fotowatio Renewable Ventures BV, a European solar developer, won financing from Australia and New Zealand Banking Group Ltd. and National Australia Bank Ltd. for a 20-megawatt photovoltaic plant in the country.

The banks will provide project financing for the Royalla plant near Canberra in the Australian Capital Territory, FRV said in an e-mailed statement without giving financial details.

The solar plant, one of the largest planned for Australia, will receive a so-called feed-in tariff for 20 years from the territory’s government and is scheduled to be completed by the middle of next year by Spanish contractor Acciona SA.

The developer, controlled by U.S. investor Denham Capital Management LP since last year, has developed solar projects with more than 350 megawatts and operates plants in Spain and Italy.

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