The Commonwealth Bank of Australia (CBA) has financed $230 million solar farm project at Whitsunday, Hamilton and Gannawarra solar farms. CBA has partnered with the Clean Energy Finance Corporation (CEFC) and NORD/LB in financing the project.

Edify Energy along with international investor Wirsol will oversee the development of the three solar farms. Commonwealth Bank Managing Director and Global Head of Infrastructure Michael Thorpe said that they are proud to partner with Edify Energy. Thorpe said that they are pleased to lend and invest in Australian renewable energy generation. He promised that the bank would support the ongoing growth of large-scale, commercially viable renewable projects in the country and the overseas.

Wirsol Energy managing director Mark Hogan said that the international firm was thrilled with the deal. Hogan noted that it was first in Australia, adding that the transaction has positioned the company as Australia's leading renewable investors. He said the company would continue building the success by working alongside with its trusted partners.

Edify Energy CEO John Cole said that the transactions have demonstrated the combination of project development and structuring expertise. He pointed out that the investment confidence in the country's renewable section was present once again. Cole said that they are excited in replicating the approach with its partners across the rest of the development pipeline. He said that they were also excited in making an impact in the Australian renewable energy market.

Power purchase agreement and grant funding will be provided to secure the projects. A 13-year purchase agreement between Gannawarra solar farm and EnergyAustralia would secure the first large-scale solar farm in Victoria. The Whitsunday solar farm received a 20-year contract with the Queensland government and the Australian Renewable Energy Agency provided a large-scale solar grant.

The project would create more than 675,000 solar panels producing 165 MW (AC) of renewable energy capacity to the national electricity grid. The panels are expected to operate in the first quarter of 2018. It aimed to generate enough electricity to an estimated 87,000 households.

In Whitsunday solar farm, it is expected to generate about 144,000 MWh of energy annually that could provide power to an estimated 31,000 homes. The Hamilton solar farm expects the same energy as Whitsunday solar farm. The Hamilton solar farm's energy will be sold into the grid on a predominantly merchant basis. The Gannawarra solar farm is expected to generate about 116,00 MWh energy annually providing power to 25,000 homes.

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