Enel announced Monday that it has closed an agreement to buy Bungala Solar One. It’s the 137.5 megawatts phase of the 275 megawatts Bungala Solar PV project from Bungala Solar Holding Pty Ltd.
The solar project is currently tagged as the biggest ready-to-build solar project in Australia. The transaction was conducted by Enel through the joint venture between Dutch infrastructure Fund and Enel Green Power. The purchase of the phase is expected to be closed in the third quarter of 2017.
Enel CEO and general manager, Francesco Starace stated that the acquisition of the large PV project is an important step forward for the Enel group. He also said that they will work to harness the needed resources and contribute to the Australian economy.
The total investment of the joint venture in the 275-megawatt installation is around US$315 million, with Enel providing around US$157 million. The total investment will be financed through a combination of equity and project finance with a consortium of local and international banks.
Construction of the Bungala Solar One is expected to start by mid-2017 and then followed by the Bungala Solar Two, with construction expected to start by the end of 2017. The whole installation is expected to be completed and operational by the third quarter of 2018