Fotowatio Closes Financing for 70-Megawatt Australia Solar Plant

Fotowatio Renewable Ventures, a solar developer backed by Denham Capital Management LP, has closed financing on a 70-megawatt project in Australia.

The Moree Solar Farm is receiving a grant of A$101.7 million ($94.9 million) from the Australian government and an unspecified amount of debt financing from Clean Energy Finance Corp., according to an e-mailed statement today.

The project in northern New South Wales will be the first large-scale solar farm in Australia to use mechanical trackers to continually orient panels with the sun. Construction is expected to begin immediately on the project, which will power about 15,000 homes.

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