Westpac supports green financing to expand solar energy generation in Australia
9 December 2022
Westpac has today announced its support of Lightsource bp with a green financing package to develop two new solar farms in Wellington North (NSW) and Wunghnu (VIC).
The financing package has been secured as a green financing loan, targeting investment for new projects that will create positive environmental outcomes.
These two new greenfield projects are expected to begin generating renewable energy for households in 2024, adding 515MWdc of capacity. Together with existing Australian operations, Lightsource bp will generate enough solar energy to power over 350,000 Australian homes.
David Scrivener, Head of Energy, Infrastructure and Resources at Westpac Institutional Bank said: “The Wellington North and Wunghnu solar farms are material in size and are another step towards achieving Australia’s emissions reductions targets.”
“In the last five years, Westpac has helped deliver $6.5 billion worth of capital investment to greenfield renewable energy across 24 projects and that’s enough to power 2.3 million homes when completed. These two newest solar farms will take us further still in helping support Australia’s energy transition.”
“It is fantastic to again be supporting Lightsource bp in their objective of delivering affordable and sustainable solar power in Australia,” Mr Scrivener said.