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Metlen Energy and Metals Refinances AU$460M Australian Solar Portfolio

Energy and Utility

Metlen Energy & Metals Refinances AU$460M Solar Portfolio in Australia

Business Honor
18 June, 2025

Metlen Energy refinances AU$460 million for its 532MW Australian solar PV portfolio, strengthening its renewable energy presence.

Greek renewable energy developer Metlen Energy and Metals, previously Mytilineos, has refinanced a 532MW portfolio of utility-scale solar PV projects in Australia successfully. The AU$460 million (US$297 million) financing deal consists of six operating solar power plants and one under construction, greatly consolidating Metlen's position in the renewable energy sector of Australia.

The structure of the refinancing consists of an AU$269 million operating term facility, an AU$158 million construction facility for the 150MW Munna Creek solar project in southwest Queensland, and a AU$33 million ancillary facility. The financing was anchored by Westpac Banking Corporation, which acted as the facility agent, security trustee, account bank, hedging coordinator, and structuring bank. Other lenders that took part are Deutsche Bank and Intesa Sanpaolo (IMI CIB Division).

The plants are based operationally in New South Wales and Queensland. Projects in New South Wales involve Corowa (40MW), Junee (40MW), Wagga North (64MW), and Wyalong (75MW), and the total is 219MW. In Queensland, the portfolio includes the Moura (110MW) and Kingaroy (53MW) solar PV power plants. Moura has been recently adjudged as the second-best performing utility-scale solar PV plant by AC capacity factor in April 2025.

Construction is under way on the Munna Creek project, which is to be a major contributor to Queensland's renewable energy output upon completion.

Metlen has secured long-term 10-year power purchase agreements (PPAs) with blue chip offtakers such as CS Energy, Coles, Telstra, National Broadband Network, Smartest Energy, and Zen Energy. These are for electricity and large-scale generation certificates (LGCs) and provide revenue certainty, helping transform Australia's clean energy. This strategic refinancing reflects Metlen's continued dedication to renewable energy and solidifies its foothold in the growing Asia-Pacific clean energy sector.