Neoen secures $1.26b backing for five Australian clean energy projects

French renewable energy company Neoen has secured AUD 1.8 billion (USD 1.26 billion) in debt financing from 13 lenders to support a 1.2 GW portfolio of solar, wind, and battery storage projects across Australia, marking its largest financing transaction to date.

The financing package covers five operating and under-construction assets across New South Wales, South Australia, and Western Australia. The portfolio includes the 440 MWp Culcairn solar PV plant and its associated 215 MW/963 MWh battery storage project, alongside wind and storage assets in the other two states.

Neoen said the transaction would strengthen its balance sheet and support further investment in new projects, as the company continues to expand its renewable energy footprint in Australia.

“This transaction reflects the quality and diversity of our assets and demonstrates our ability to optimise our financing structure and strengthen our balance sheet,” said Xavier Barbaro, Neoen's group CEO.

The financing was provided by 13 lenders: ANZ, Bank of America, Bank of China, Export Development Canada, HSBC, ING, KfW IPEX, Mizuho, NAB, UOB, Société Générale, Westpac and the Clean Energy Finance Corporation (CEFC), the Australian government's green investment bank.

“We value the continued support of our long-term partners, and we welcome the arrival of new lenders,” said Jean-Christophe Cheylus, Neoen's regional CEO for Australia Pacific. The company did not identify which lenders were new to its Australian financing arrangements.

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Culcairn solar and battery projects anchor financing portfolio

The 440 MWp Culcairn solar PV plant in the Murray region of New South Wales is a central component of the portfolio. The facility became fully operational in May 2026, less than two years after construction began, and is Neoen's second-largest solar asset globally.

Equipped with approximately 760,000 solar modules, the plant connects to Australia's National Electricity Market (NEM) through an on-site 330kV transmission line. Its development cost was around AUD 636 million (USD 443.98 million), while energy retailer SmartestEnergy Australia has a four-year power purchase agreement (PPA) covering half of its output.

Neoen has also started construction of a 215 MW/963 MWh battery storage system at the same site. The project will share the solar plant's grid connection, with NHOA Energy serving as the system integrator. Commercial operations are targeted for 2028.

The battery project has secured a Long-Term Energy Service Agreement (LTESA) under the New South Wales Electricity Infrastructure Roadmap. The arrangement provides revenue top-up payments when wholesale electricity prices fall below an agreed floor.

The other assets include the 150 MW/193.5 MWh Hornsdale Power Reserve battery storage project and the 209 MW Goyder South Stage 1A wind generation plant in South Australia. Hornsdale began operations in late 2017 and was expanded by 50 MW to reach its current 150 MW capacity in 2020.

Goyder South Stage 1A represents the first 209 MW of the 412 MW first stage of Neoen's Goyder South wind generation development near Burra.

In Western Australia, the portfolio includes the 179 MW Narrogin wind generation project. It secured a Capacity Investment Scheme (CIS) contract in May 2026, with its 168 MW capacity referring to the project’s connection point. Construction began in July 2026, with 23 Envision turbines being used for the development. State-owned electricity retailer Synergy has signed a PPA covering all its output.

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Neoen expands Australian renewables investment

The AUD 1.8 billion (USD 1.256 billion) financing comes as Neoen continues to direct capital towards Australia's renewable energy sector. The company said it had raised more than AUD 5 billion (USD 3.49 billion) in debt since 2024, covering 4.7 GW of capacity across 20 Australian assets.

This includes an AUD 1.1 billion (USD 767.76 million) financing package secured in February 2024 for a 1.5 GW portfolio of solar, wind, and battery storage projects, part of which was used to refinance existing asset-level debt.

Neoen currently reports more than 6 GW of contributed capacity in Australia and is targeting 10 GW in the country by 2030. Its wider portfolio includes the 460 MWp Western Downs Green Power Hub in Queensland, its largest Australian solar asset. Nextracker supplied single-axis solar trackers for the project, while Sterling and Wilson served as engineering, procurement, and construction (EPC) contractors.

The company is owned by Canadian asset manager Brookfield, which agreed to acquire the French independent power producer in May 2024 in a transaction valued at EUR 6.1 billion (USD 6.82 billion). Brookfield became Neoen's sole shareholder in April 2025.

As part of the Australian competition approval process, Neoen sold its Victorian assets, including the Victorian Big Battery and Bulgana wind generation plant, to HMC Capital in August 2025.

The latest financing strengthens Neoen's capacity to manage its existing Australian assets while supporting investment in additional renewable energy developments. With its 10GW target for 2030, the company is positioning Australia as a major part of its longer-term growth strategy.

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