Deutsche Bank demonstrates expertise in renewables by financing Munna Creek Solar Farm in Queensland

Deutsche Bank has today announced the closure of a senior debt financing of AUD 160mn for the Munna Creek Solar Farm project, which is wholly owned by the global industrial and energy company, MYTILINEOS. The bank acted as Lender, Green Loan Coordinator, Bank Guarantee Facility Provider and Hedge Provider on the transaction.

The 150MWp Munna Creek Solar Farm (located 40km north-west of Gympie in Queensland) is expected to generate 300,000MWh of electricity annually, providing clean energy to power approximately 40,000 households. The project aims to offset 200,000 tons of carbon dioxide emissions (CO2) each year, significantly contributing to the local renewable energy landscape. Construction is anticipated to commence in 2024, with a targeted completion date in 2025.

Rachel Chia, Deutsche Bank’s Head of Project Finance, Asia Pacific, said: “We are delighted to have played a key role in financing the Munna Creek Solar Farm. This project showcases Deutsche Bank's dedication to advancing renewable energy solutions and contributing to a greener and more sustainable future."

Matthew Tilbrook, Global Project Finance Director, Mytilineos Renewables, said: “It is a great result to have Deutsche Bank, with its excellent track record in financing renewables, join the bank group for our Munna Creek financing, representing another big step forward for our project development, investment and financing strategy in Australia,”

The Munna Creek Solar Farm has secured two investment-grade offtake contracts. Telstra Energy has committed to purchasing half of the solar farm's output, while NBN Co has secured 20%.

MYTILINEOS’ M Renewables, responsible for both engineering, procurement, and construction (EPC), will also serve as the Operations and Maintenance (O&M) Provider once the project is operational. The solar farm’s equipment will be provided by Risen Energy (PV modules), SMA (Inverters) and Nextracker (Trackers).

This transaction continues the bank’s strong trajectory in supporting sustainable financing solutions, marking the bank’s 13th renewable energy asset financed in Australia to-date.