French renewable energy firm Neoen has closed the debt financing for a 1.5GW portfolio of eight diversified renewable energy assets, raising over A$1.1bn ($720m).

A consortium of 11 international banks provided the debt, including ANZ, Bank of China, Clean Energy Finance, CBA, China Construction Bank, HSBC, ING, Mizuho, MUFG Bank, Societe Generale and Westpac.

It is one of the largest debt financing deals for a renewable energy portfolio in Australia and covers most of the company’s diversified portfolio of solar, wind and battery storage assets.

Neoen intends to use the debt raised for the refinancing of around A$700m ($458) of single asset-level debt and use the remaining for the financing of new assets.

The transaction was well received, and the financing package provides further strength to grow its platform in the future, said the French renewable energy firm.

Neoen Australia CEO Louis de Sambucy said: “We are delighted to announce this landmark financing of a portfolio of Neoen assets, and we sincerely thank all our lenders for their trust and commitment.

“This transaction demonstrates the unique combined value of our portfolio and strengthens our business model of long-term owner and operator. It provides a solid foundation for achieving our ambition of 10GW in Australia by 2030.”

The company said that its portfolio has high levels of contracted revenue, and its asset mix comprises three different technologies across five states.

It comprises three solar farms, Numurkah Solar Farm in Victoria, Western Downs Green Power Hub in Queensland and Coleambally Solar Farm in New South Wales.

The portfolio also includes four wind farms, Bulgana Green Power Hub in Victoria and Hornsdale Wind Farms 1, 2 and 3 in South Australia.

Neoen will also develop the new asset, 219MW/877MWh Collie Battery Stage 1 project in Western Australia and its first 4-hour long-duration battery, using the debt package.

Neoen chairman and CEO Xavier Barbaro said: “I would like to congratulate the Neoen Australia team on completing this major portfolio financing, which is the largest one in Neoen’s 15-year history.

“It demonstrates Neoen’s unparallelled ability to create value, thanks to its maturing and diversified asset portfolio, and thus provide a catalyst for our future growth in Australia and around the world.”