Neoen Secures $1.8 Billion Debt for Australian Renewable Projects
Global renewable energy leader Neoen has successfully obtained A$1.8 billion in new debt financing aimed at enhancing its portfolio of Australian assets, which includes two operational wind farms, two battery storage projects, and a solar farm currently under construction.
Owned by the Canadian investment firm Brookfield Asset Management, Neoen is recognised as one of the most accomplished developers in the renewables and storage sector within Australia. The company emphasises that this financial boost will expand its capacity for investing in new projects.
Expanding Renewable Capacity
Neoen gained prominence for its development of the original “Tesla big battery” at Hornsdale and has established a robust 6 GW of wind, solar, and battery capacity across the nation. The company’s ambitious target is to increase this figure to 10 GW by the close of the decade.
“This transaction underscores the quality and diversity of our assets while showcasing our aptitude in optimising our financing structure and enhancing our balance sheet,” stated Neoen Group CEO Xavier Barbara. He added that this development will solidify Neoen’s role as a leading force in Australia’s energy transition.
Support from Global Lenders
The financing was facilitated by a consortium of 13 lenders, both Australian and international, including major banks like ANZ, NAB, Westpac, and Australia’s Clean Energy Finance Corporation (CEFC). Notable international participants include Bank of America, Bank of China, Export Development Canada, HSBC, and Société Générale.
While Neoen is headquartered in France, it has a substantial operational focus in Australia. Its projects encompass the Hornsdale wind and battery facilities in South Australia, the recently completed Culcairn solar farm in New South Wales, the expanding Western Downs solar farm and battery complex in Western Australia, alongside the large Collie battery located in the same region.
Refinanced Assets and Future Projects
The portfolio benefiting from the refinancing includes the Hornsdale battery, touted as the world’s first significant battery, which has increased its capacity and longevity to 150 megawatts (MW) and 193.5 megawatt-hours (MWh). Additionally, the Culcairn site is set to incorporate a new big battery with a capacity of 215 MW and 963 MWh.
Also included in the new financing is the Goyder South Wind Farm Stage 1, which operates at 209 MW and is situated near Burra, South Australia, as well as the 179 MW Narrogin Wind Farm, which has commenced construction in Western Australia.
Investor Confidence in Future Expansion
This financing arrangement marks another significant milestone for Brookfield-backed Neoen and reflects a strong vote of confidence from investors in the company’s plans within the Australian energy market. These plans primarily focus on expanding its existing 6 GW wind, solar, and storage capacity to 10 GW by 2030.
The ambitious expansion plans also feature potential growth in the Goyder renewable energy zone in South Australia, along with new wind projects such as the Yathro and Kadathini in Western Australia, and the Mt Hopeful wind project in Queensland, plus the Thunderbolt and Tchelery wind farms in New South Wales.
Neoen has reported that it has raised over A$5 billion in debt financing since 2024, which supports a combined capacity of 4.7 GW across 20 wind, solar, and storage projects in various Australian states.
Brookfield, which finalised its acquisition of Neoen in 2025 for over A$10 billion, indicated its intention at that time to significantly accelerate the developer’s project rollout, alongside selling off some assets.
Prior to this, Brookfield tried to acquire Origin Energy in a proposed A$20 billion deal that faced resistance from AustralianSuper. Although Brookfield pledged to develop 12 GW of new projects by 2032 had the deal with Origin gone through, the energy retailer has not progressed with new wind and solar projects since then despite heavy investments in battery storage.
