Five major wind, solar and battery projects across Australia are now backed by a $1.8 billion financing package, as renewable energy developer Neoen strengthens its position in the country’s growing clean energy market.
The French energy company has secured AUD $1.8 billion in debt financing from 13 Australian and international lenders to support an Australian renewable energy portfolio with a combined capacity of approximately 1.2 gigawatts (GW).
The portfolio includes two wind farms, two battery storage projects and one solar farm across South Australia, New South Wales and Western Australia. It combines operating facilities with projects still under construction.
The deal also takes Neoen’s total debt financing in Australia from 2024 to more than AUD $5 billion, covering 4.7 GW of capacity across 20 wind, solar and battery assets.
For Australia’s energy sector, the financing highlights the growing role of large investment packages in supporting renewable generation and electricity storage across different regions.
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Five Renewable Energy Assets Included in the $1.8 Billion Deal
The financing covers five assets with different roles in Australia’s electricity system. Some are already operating, while others are still progressing through construction.
South Australia accounts for two of the projects, including the well-known Hornsdale Power Reserve, which has become an important part of the state’s battery storage infrastructure.
The five assets are:
- Hornsdale Power Reserve, South Australia: A 150 MW battery with 193.5 MWh of storage capacity.
- Goyder South Wind Farm Stage 1A, South Australia: A 209 MW wind project.
- Culcairn Solar Farm, New South Wales: A solar farm with a capacity of 440 MWp.
- Culcairn Battery, New South Wales: A 215 MW battery with 963 MWh of storage capacity.
- Narrogin Wind Farm, Western Australia: A 179 MW wind project.
Together, these assets combine renewable electricity generation with battery storage. Wind and solar farms produce electricity, while batteries can store energy and release it when required.
The Culcairn Battery is particularly notable for its 963 MWh storage capacity, giving the project a substantial role in storing electricity alongside the site’s solar generation.
13 Lenders Back Neoen’s Australian Renewable Energy Portfolio
The AUD $1.8 billion financing package brings together major Australian banks, international financial institutions and clean energy investment organisations.
The 13 lenders are ANZ, Bank of America, Bank of China, the Clean Energy Finance Corporation (CEFC), Export Development Canada, HSBC, ING, KfW IPEX, Mizuho, NAB, UOB, Société Générale and Westpac.
The involvement of the CEFC is particularly relevant because it is Australia’s specialist clean energy financier, established to support investment in projects that reduce emissions.
Neoen’s Regional CEO Australia Pacific, Jean-Christophe Cheylus, said the company valued the continued support of existing lenders while welcoming new financial partners.
“We are delighted to announce this new portfolio financing, and we extend our thanks to all our lenders for their trust and commitment. We value the continued support of our long-term partners, and we welcome the arrival of new lenders. This landmark transaction underlines the strength, depth and growth of our portfolio in Australia.”
The financing also gives Neoen additional capacity to manage its existing assets and support its longer-term investment plans.
Neoen Raises More Than $5 Billion in Australia Since 2024
The latest deal adds to a series of major financing arrangements that have supported Neoen’s Australian renewable energy operations.
Since 2024, the company has raised more than AUD $5 billion in debt financing, covering 4.7 GW of combined capacity across 20 wind, solar and battery storage assets in several Australian states.
Neoen says it has contributed more than 6 GW of wind, solar and storage capacity to Australia’s energy transition. Its next major target is to reach 10 GW of capacity in the Australian market by 2030.
Group CEO Xavier Barbaro described the latest transaction as the company’s largest financing to date.
“I would like to congratulate the Neoen team on the successful completion of this portfolio financing in Australia, our largest financing to date. This transaction reflects the quality and diversity of our assets and demonstrates our ability to optimise our financing structure and strengthen our balance sheet. This, in turn, reinforces our capacity to invest in new projects and to consolidate Neoen’s position as the leading player in Australia’s energy transition.”
The financing is significant because it brings together different renewable energy technologies under one portfolio rather than financing each asset separately.
That approach can help developers manage financing across operating and developing projects while maintaining the capacity to pursue further investment.
What the Deal Means for Australia’s Renewable Energy Future
Australia needs more than new wind and solar generation to support its transition towards cleaner electricity. Energy storage is also becoming increasingly important as the electricity system accommodates larger amounts of variable renewable generation.
Neoen’s portfolio demonstrates how wind farms, solar installations and batteries can form part of a broader energy infrastructure investment.
The Hornsdale Power Reserve and Culcairn Battery provide storage capacity, while the wind and solar assets contribute to renewable electricity generation. Together, these technologies can support a more flexible electricity system.
The financing also sends a signal about the willingness of Australian and international lenders to back large renewable energy portfolios.
However, the $1.8 billion should not be mistaken for funding five entirely new projects. The portfolio includes existing operating assets and projects under construction, with the financing supporting the wider group of assets.
For Neoen, the transaction strengthens its financial position as it works towards its 2030 Australian capacity target.
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CleanSwitch Take: What We Think
This deal shows that Australia’s renewable energy transition is attracting investment well beyond the construction of individual wind farms and solar projects. What stands out to us is the combination of generation and storage across three states, backed by 13 lenders. The financing also highlights how established renewable energy developers are structuring larger portfolios to support their next phase of growth.
However, the real measure of success will be how effectively these assets deliver electricity, storage and value to the energy market. Neoen’s 10 GW target by 2030 is ambitious, and we will be watching how its investment plans translate into new capacity.
Our team at CleanSwitch will continue following these developments and keep you informed.
