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Media Release

Our ongoing support for solar energy in Australia

Our ongoing support for solar energy in Australia

Commonwealth Bank finances Bungala Solar Project in South Australia.

Commonwealth Bank continues to support the renewable sector in Australia, announcing its role as a Mandated Lead Arranger to Australia’s largest ready-to-build solar farm.

The A$450 million Bungala Solar Project is currently the largest equity and debt finance arrangement for a new solar project in Australia, and will see over 1.2 million solar PV panels (220MWac) installed over two sites near Port Augusta, South Australia.

The project’s two new large-scale solar farms, Bungala Solar One and Bungala Solar Two, are expected to create 350 jobs and generate enough clean energy power to power approximately 100,000 households when complete in late 2018.

The project was developed by Reach Solar Energy, with Dutch Infrastructure Fund (DIF) and renewable operator Enel Group providing equity on a 50/50 basis at the project’s financial close. Commonwealth Bank, National Australia Bank, Sumitomo Mitsui Banking Corporation and Societe Generale provided project finance lending to the project.

The Bungala Solar Project also marks a turning point in the maturity of the domestic solar energy sector as the first major Australian renewable project delivered without government support. The project announced a long term power purchase agreement with Origin Energy in late 2016.

Commonwealth Bank Director of Infrastructure, Reece Stephens said: “Commonwealth Bank congratulates Enel Group on its entry into the Australian energy market. We are pleased to add to our portfolio of large-scale renewable infrastructure projects and to support DIF and Enel Group’s unique investment model for the project, which saw project finance raised alongside a full equity sell-down at financial close.”