Edify Energy, BlackRock Finalise Large-Scale Solar Financing in Northern Queensland

On Friday, Edify Energy announced that its 150-megawatts Daydream and the 50-megawatts (AC) Hayman solar farms in Queensland will be fully operational next year. The projects are backed by BlackRock Real Assets, an international investment company.
A report from Renew Economy stated that BlackRock has a 90 percent interest in the 200-megawatts solar project. The project is also the first investment of BlackRock in the renewables sector through a fund concentrated on investing in solar and wind worldwide. Edify will provide long-term asset management services and construction for the projects. It will also have 10 percent equity interest in the projects.
The Daydream and Hayman solar farm projects have a combined total of $90 million funds from the Clean Energy Finance Corporation (CEFC) with Natixis, a French investment bank, and the Commonwealth Bank of Australia.
Last week, a power purchase agreement between Edify and Origin Energy, Australia’s leading energy retailer, was signed. Origin will buy all the output and renewable energy certificates from Daydream solar farm until 2030. Frank Calabria, the CEO of Origin Energy, stated, “Renewables are now the lowest cost new generation and with the rapid increase in renewable supply not just by Origin but the broader market, we expect to see this start to put downwards pressure on prices for customers.”
Regarding its latest large-scale solar utility deal, John Cole, the Chief Executive of Edify Energy, said, “We are delighted to have closed another large utility scale solar PV financing transaction and to be a significant contributor to the renewable energy market in Australia. Partnering with BlackRock Real Assets, and their first investment into the Australian renewable energy market, is a real coup for Edify and is a major step forward towards mainstreaming solar renewable power in Australia. With a pipeline of projects under development, we look forward to playing a meaningful part in the decarbonisation of the Australian energy sector.”
The construction for Daydream and Hayman will start in September and will be built by RCR Tomlinson.
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