{"id":252756,"date":"2022-12-08T22:31:54","date_gmt":"2022-12-08T22:31:54","guid":{"rendered":"https:\/\/sandbox.lightsourcebp.com\/news\/a-540m-secured-on-wellington-north-and-wunghnu\/"},"modified":"2023-07-24T09:04:31","modified_gmt":"2023-07-24T09:04:31","slug":"a-540m-secured-on-wellington-north-and-wunghnu","status":"publish","type":"post","link":"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/a-540m-secured-on-wellington-north-and-wunghnu\/","title":{"rendered":"A $540M secured on Wellington North and Wunghnu"},"content":{"rendered":"<section class=\"block-page-title bg-color-white\">\n  <div class=\"pt-60 pt-lg-100\"><\/div>\n\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col-12\">\n                <h1 class=\"fg-color-gradient\">A $540M secured on Wellington North and Wunghnu<\/h1>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"pt-60 pt-lg-100\"><\/div>\n<\/section>\n  \n\n\n<section class=\"banner-single position-relative\">\n  <div class=\"container-fluid\">\n    <div class=\"row\">\n      <div class=\"col-12 px-0\">\n                <div class=\"position-relative w-100 h-100 aspect-ratio-banner object-fit-cover\">\n          <picture>\n                    <source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1-450x188.jpg, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1-1000x417.jpg 2x\"\n                          media=\"(max-width: 575px)\">\n                    <source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1-1000x417.jpg, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1.jpg 2x\"\n                          media=\"(min-width: 576px) and (max-width: 991px)\">\n                    <source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1.jpg, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1.jpg 2x\"\n                          media=\"(min-width: 992px)\">\n                    <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1.jpg\" alt=\"Wellington solar\"\n                       srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2022\/12\/26213504\/Wellington-solar-LSbp-2-1920x800-1.jpg 2x\"\n                       sizes=\"auto, 100vw\"\n                       class=\"position-absolute w-100 h-100 left-0 top-0 object-fit-cover\"\n                       width=\"1920\"\n                       height=\"800\">\n                <\/picture>\n        <\/div>\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n\n\n<section class=\"text align block_ca7d504eb7421ccc5f3d5303c8721de3 block bg-color-white position-relative z-1 overflow-hidden\">\n    <div class=\"pt-60 pt-lg-100\"><\/div>\n\n  \n  <div class=\"container \">\n    <div class=\"row\">\n      <div class=\"col-12\">\n        <span class=\"rich-text standard-text fg-color-navy\">\n          <ul>\n<li>Lightsource bp completes A$540m green financing, reaching financial close on its 425MWdc Wellington North and 90MWdc Wunghnu solar farms.<\/li>\n<li>Financing for the projects was secured from ANZ, ING, Mizuho, NORD\/LB, and Westpac.<\/li>\n<li>Engineering, procurement, and construction contractor Gransolar will now be issued full notice to proceed on both projects, which are expected to be completed in 2024.<\/li>\n<li>Lightsource bp is now the leading solar developer and owner in Australia on a MWac basis.<\/li>\n<\/ul>\n<p><strong>Sydney, Australia<\/strong> \u2013<\/p>\n<p>Lightsource bp, a global leader in the development and management of solar energy projects, has successfully closed on a A$540 million portfolio green financing package and will begin full construction activities on its Wellington North and Wunghnu solar projects located in New South Wales and Victoria. Financing for the projects was secured from ANZ, ING, Mizuho, NORD\/LB, and Westpac.<\/p>\n<p>Adam Pegg, Managing Director, Lightsource bp Australia and New Zealand, said: \u201cWe are proud to reach financial close on these projects, and we welcome the backing from ANZ, ING, Mizuho, NORD\/LB, and Westpac. This is a fantastic achievement from the Lightsource bp team, and I\u2019m grateful for the strong support from our customers, the local communities in which we operate, and these lenders. This milestone now sees Lightsource bp become the leading solar developer and owner in Australia on a MWac[1] basis. It is an incredible effort to reach financial close and construction on 841MWac\/1,037MWdc since setting up the business in Australia in 2018.\u201d<\/p>\n<p>Construction by Gransolar on both projects begun under early work agreements in August 2022, with full notice to proceed to be issued and commercial operations are expected in 2024. Together with its Wellington, West Wyalong, and Woolooga projects, Lightsource bp now has over 1GWdc of generating capacity in construction and operation in Australia, which is enough to power over 350,000 Australian homes.<\/p>\n<p>Aaron Ross, Head of Project and Export Finance, Australia &amp; New Zealand Banking Group said: \u201cLightsource bp\u2019s development of two important solar assets supports Australia\u2019s energy transition and will boost critical energy supply. Greenfield renewable projects align with ANZ\u2019s strategy and target of funding and facilitating A$100 billion of sustainable solutions for customers by 2030.\u201d<\/p>\n<p>Sam Terko, Head of Energy for ING Australia, said: \u201cWe congratulate Lightsource bp on this achievement and are extremely pleased that ING Bank has been able to finance all of its projects in the country. ING is committed to supporting clients like Lightsource bp with strong growth ambitions in clean energy who help us maintain our leading track record in financing the energy transition in Australia.\u201d<\/p>\n<p>Yosuke Sato, Head of Project Finance, Deputy General Manager of Australia Corporate Banking Department at Mizuho, said: \u201cMizuho is proud to be supporting Lightsource bp\u2019s growth ambitions in Australia. We are committed to supporting the renewable energy transition and the financing of the Wellington North and Wunghnu Projects is a testament to this. The transaction further cements Mizuho\u2019s position as one of the leading renewable banks in this market.\u201d<\/p>\n<p>Ross Bennett, Managing Director and Head of APAC Structured Finance at NORD\/LB said: \u201c1GWdc in Australia is a tremendous achievement for the Lightsource bp team and we are very pleased to be supporting this great milestone. Congratulations to the team and all those involved along the way. Wellington North and Wunghnu are two exciting projects that will provide a sizeable contribution to the renewable energy transition in Australia and will further add to NORD\/LB\u2019s global renewable energy portfolio of more than 50GW across our Structured Finance platform.\u201d<\/p>\n<p>David Scrivener, Head of Energy, Infrastructure and Resources at Westpac Institutional Bank, said: \u201cIt is fantastic to again be supporting Lightsource bp in their objective of delivering affordable and sustainable solar power in Australia. Wellington North and Wunghnu solar farms are material in size and will make a meaningful impact for Australia\u2019s emissions reduction targets. Westpac congratulates Lightsource bp on being the first owner and developer in Australia to reach financial close on more than 1GWdc of solar farms.\u201d<\/p>\n<p>The debt package has been structured as a green financing loan, with ANZ, ING, and Westpac as Joint Green Loan Co-ordinators. A Green financing loan is where the funding is earmarked by lenders for new projects that create positive environmental outcomes.<\/p>\n<p>Lightsource bp has also entered into a Power Purchase Agreement with Boral, in addition to the previously announced PPAs with ENGIE, Orica and Mars Australia.<\/p>\n<p>Lightsource bp was advised on the projects by KWM and White and Case.<\/p>\n<p>Lightsource bp continues to progress its greenfield solar PV and battery storage portfolio of more than 4GWdc across Australia and New Zealand, and is exploring other investment opportunities in the sector, including co-location of wind, battery storage, and integration with green hydrogen production.<\/p>\n<p>[1] Calculated based on the total megawatts (MWac) of solar generation capacity to have reached financial close in Australia as of December 2022. Source: Rystad Energy.<\/p>\n\n        <\/span>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"pt-60 pt-lg-30\"><\/div>\n<\/section>\n\n\n<section class=\"multi-column-cards align block_6fcc69c3774d18c649f13bdd799d360f block bg-color-orange-3-percent\">\n  <div class=\"pt-60 pt-lg-100\"><\/div>\n\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col-12\">\n                <h3 class=\"mb-35\">Related news and insights<\/h3>\n      <\/div>\n    <\/div>\n    <div class=\"row\">\n                        <div class=\"col-12 col-lg-4 mb-30\">\n  <div class=\"multi-column-cards__image-container h-300px h-lg-250px\">\n    <a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/kowhai-park-solar-farm-reaches-golden-row-milestone-marking-major-step-in-delivery\/\" class=\"d-block w-100 h-100\">\n      <picture><source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-1200x742.jpg 1200w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-300x186.jpg 300w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-1024x634.jpg 1024w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-80x49.jpg 80w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-150x93.jpg 150w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-450x278.jpg 450w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-767x475.jpg 767w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-1000x619.jpg 1000w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195.jpg 1293w\" sizes=\"\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2025\/08\/04084905\/NZ-Kowhai-Park-golden-row-banner-aspect-ratio-315-195-1200x742.jpg\" alt=\"\" width=\"1200\" height=\"742\" class=\"w-100 h-100 object-fit-cover\"><\/picture>\n    <\/a>\n  <\/div>\n      <p class=\"mt-20 mb-10 font-size-paragraph-small\">03 Aug, 2025<\/p>\n    <a class=\"text-decoration-none text-decoration-sm-underline-hover\" href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/kowhai-park-solar-farm-reaches-golden-row-milestone-marking-major-step-in-delivery\/\">\n    <h5 class=\"mb-15 fg-color-navy\">K\u014dwhai Park solar farm reaches \u2018Golden Row\u2019 milestone, marking major step in delivery<\/h5>\n  <\/a>\n      <p class=\"mb-15 line-height-level-6\">Construction of one of New Zealand\u2019s largest solar projects has reached a major milestone, with the installation of the first row of solar panels at K\u014dwhai Park solar farm.<\/p>\n    <p><a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/kowhai-park-solar-farm-reaches-golden-row-milestone-marking-major-step-in-delivery\/\">Read Story <span class=\"ml-10\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"8\" height=\"14\" fill=\"none\"><path stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M1 13l6-6-6-6\"\/><\/svg><\/span><\/a><\/p>\n<\/div>\n                  <div class=\"col-12 col-lg-4 mb-30\">\n  <div class=\"multi-column-cards__image-container h-300px h-lg-250px\">\n    <a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/wool-quality-and-sustainability-insights-from-lightsource-bps-wellington-solar-farm\/\" class=\"d-block w-100 h-100\">\n      <picture><source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-1200x743.jpg 1200w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-300x186.jpg 300w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-1024x634.jpg 1024w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-80x50.jpg 80w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-150x93.jpg 150w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-450x279.jpg 450w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-767x475.jpg 767w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-1000x619.jpg 1000w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195.jpg 1292w\" sizes=\"\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/29095346\/GLB-Australia-Wool-banner-aspect-ratio-315-195-1200x743.jpg\" alt=\"\" width=\"1200\" height=\"743\" class=\"w-100 h-100 object-fit-cover\"><\/picture>\n    <\/a>\n  <\/div>\n      <p class=\"mt-20 mb-10 font-size-paragraph-small\">29 Oct, 2024<\/p>\n    <a class=\"text-decoration-none text-decoration-sm-underline-hover\" href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/wool-quality-and-sustainability-insights-from-lightsource-bps-wellington-solar-farm\/\">\n    <h5 class=\"mb-15 fg-color-navy\">Wool quality and sustainability: Insights from Lightsource bp\u2019s Wellington solar farm\u202f<\/h5>\n  <\/a>\n      <p class=\"mb-15 line-height-level-6\">Lightsource bp has seen promising results from the second round of wool testing at its Wellington solar farm, in New South Wales, Australia.<\/p>\n    <p><a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/wool-quality-and-sustainability-insights-from-lightsource-bps-wellington-solar-farm\/\">Read Story <span class=\"ml-10\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"8\" height=\"14\" fill=\"none\"><path stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M1 13l6-6-6-6\"\/><\/svg><\/span><\/a><\/p>\n<\/div>\n                  <div class=\"col-12 col-lg-4 mb-30\">\n  <div class=\"multi-column-cards__image-container h-300px h-lg-250px\">\n    <a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/bp-completes-acquisition-of-lightsource-bp\/\" class=\"d-block w-100 h-100\">\n      <picture><source srcset=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-1200x743.jpg 1200w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-300x186.jpg 300w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-1024x634.jpg 1024w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-80x50.jpg 80w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-150x93.jpg 150w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-450x279.jpg 450w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-767x475.jpg 767w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-1000x619.jpg 1000w, https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195.jpg 1292w\" sizes=\"\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.lightsourcebp.com\/app\/uploads\/2024\/10\/24141145\/GLB-news-bp-acquires-lightsource-bp-banner-aspect-ratio-315-195-1200x743.jpg\" alt=\"\" width=\"1200\" height=\"743\" class=\"w-100 h-100 object-fit-cover\"><\/picture>\n    <\/a>\n  <\/div>\n      <p class=\"mt-20 mb-10 font-size-paragraph-small\">24 Oct, 2024<\/p>\n    <a class=\"text-decoration-none text-decoration-sm-underline-hover\" href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/bp-completes-acquisition-of-lightsource-bp\/\">\n    <h5 class=\"mb-15 fg-color-navy\">bp completes acquisition of Lightsource bp<\/h5>\n  <\/a>\n      <p class=\"mb-15 line-height-level-6\">bp has completed its acquisition of the remaining 50.03% interest in Lightsource bp.<\/p>\n    <p><a href=\"https:\/\/sandbox.lightsourcebp.com\/nz\/news\/bp-completes-acquisition-of-lightsource-bp\/\">Read Story <span class=\"ml-10\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"8\" height=\"14\" fill=\"none\"><path stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M1 13l6-6-6-6\"\/><\/svg><\/span><\/a><\/p>\n<\/div>\n                  <\/div>\n  <\/div>\n\n  <div class=\"pt-60 pt-lg-100\"><\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":33,"featured_media":125345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[126],"tags":[],"filter_by":[869],"filter_tags":[],"class_list":["post-252756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-nz","filter_by-press-releases-nz"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/posts\/252756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/comments?post=252756"}],"version-history":[{"count":4,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/posts\/252756\/revisions"}],"predecessor-version":[{"id":299818,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/posts\/252756\/revisions\/299818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/media\/125345"}],"wp:attachment":[{"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/media?parent=252756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/categories?post=252756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/tags?post=252756"},{"taxonomy":"filter_by","embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/filter_by?post=252756"},{"taxonomy":"filter_tags","embeddable":true,"href":"https:\/\/sandbox.lightsourcebp.com\/nz\/wp-json\/wp\/v2\/filter_tags?post=252756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}