Affiliates of Elliott will own 100% of the projects, and are prepared to fund the projects through to connection entirely with equity.
Construction will now commence and is expected to take 9 months. The solar farms are located in Bundaberg Regional Council (Childers) and Fraser Coast Regional Council (Susan River). Construction and O&M will be undertaken by Biosar Energy (through its Australian arm), which has completed over 1.3GW of installed capacity in 13 countries.
ESCO Pacific managing director and founder Steve Rademaker said: “Achieving financial close on the sale of the 98MW Susan River Solar Farm and 75MW Childers Solar Farm further demonstrates ESCO Pacific’s ability to take the lead in delivering significant projects to market.
"It is clear that Australian merchant solar remains an attractive opportunity for experienced investors. ESCO looks forward to continue bringing jobs and growth to regional Australia through its extensive pipeline of highly advanced projects currently under development.”
Advisers on the project included:
Lennox Partners as financial adviser to ESCO Pacific
White & Case as ESCO Pacific’s legal advisers
McCullough Robertson as Elliott’s legal advisers
Grant Samuel as financial adviser to Elliott
