Neoen has secured A$1.8 billion (about US$1.26 billion) in debt financing from 13 lenders for a 1.2 GW portfolio of solar, wind and battery assets in Australia. The developer, owned by Brookfield, calls it its largest financing to date.
What the money covers
The package covers five operating and under-construction projects across three states, according to Neoen's release of 30 October and a PV Tech report.
The largest piece is in New South Wales: the 440 MWp Culcairn solar farm, which cost around A$636 million to develop, and the 215 MW/963 MWh Culcairn battery next to it, with commercial operation targeted for 2028.
In South Australia, the portfolio includes the 150 MW/193.5 MWh Hornsdale Power Reserve and the 209 MW Goyder South Stage 1A wind farm. In Western Australia, it includes the 179 MW Narrogin wind farm.
Together the five assets add up to about 1.2 GW of generation and storage power, with close to 1.16 GWh of battery capacity.
Who is lending
The 13 lenders are ANZ, Bank of America, Bank of China, the Clean Energy Finance Corporation (CEFC), Export Development Canada, HSBC, ING, KfW IPEX, Mizuho, NAB, UOB, Société Générale and Westpac. The mix of Australian, Asian, European and North American banks, plus the government-owned green bank, shows how deep the lending market for Australian renewables has become.
Neoen has not disclosed the length of the loans, the interest rates or how the debt is split across the five assets.
"This transaction reflects the quality and diversity of our assets," said Xavier Barbaro, Neoen's group chief executive. Jean-Christophe Cheylus, regional chief executive for Australia Pacific, thanked the company's lenders and welcomed new ones to the group.
Why portfolio financing matters
Financing several assets together lets a developer spread risk across technologies and regions. Solar output peaks at midday, wind often blows at other times, and batteries can shift energy into the evening peak. Lenders see a steadier combined revenue profile than any single plant offers, which can lower the cost of capital.
The deal also shows that pairing solar with large batteries has become a mainstream lending case in Australia.
Brookfield became Neoen's sole shareholder in April 2025.
What it means for solar developers in Asia-Pacific
For developers across the region, the message is that banks are ready to finance hybrid portfolios at scale when the assets are already built or close to completion. Bundling a solar farm with storage and other technologies can unlock larger and cheaper debt than financing each project alone. In Australia, where curtailment and evening price peaks are reshaping solar economics, co-located batteries are fast becoming part of what makes a solar project bankable.
Source: PV Tech, 2 November 2026; Neoen press release, 30 October 2026.
