Enel and DIF Joint Venture Acquires 137.5 MW Solar PV Project in Australia

Enel Green Power S.p.A. (EGP) and Dutch Infrastructure Fund (DIF) joint venture has closed an agreement to buy the first 137.5 MW1 phase of the 275 MW1 Bungala Solar PV project.

The joint venture’s total investment in the 275 MW1 project is around 315 million US dollars, with Enel contributing around 157 million US dollars. The total investment will be financed through a mix of equity and project finance with a consortium of local and international banks. The project is fully contracted with a long-term PPA with Origin Energy.

Construction works at Bungala Solar One are expected to begin by mid-2017, followed by Bungala Solar Two, whose construction will start by the end of this year. The overall 275 MW1 project will be fully operational by the third quarter of 2018.

The Bungala Solar project is designed to generate around 570 GWh a year avoiding the emission of about 520,000 tonnes of CO2.

Image Source: Enel Green Power