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The asset
Mallee Solar & Storage Green Notes — the underlying real asset securing this offering.
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Slide 1 of 3: The asset. Mallee Solar & Storage Green Notes — the underlying real asset securing this offering.
OpenEnergy · Ouyen, VIC
Mallee Solar & Storage Green Notes
240MW of single-axis tracking solar paired with 120MWh of battery storage in Victoria's Mallee, contracted under a 12-year power purchase agreement with an investment-grade utility off-taker. Senior secured green notes rank ahead of A$38m of sponsor equity.
MSSN-26ERC-3643 (permissioned)Redbelly NetworkFIRB pre-screenedGreen bond frameworkCBI-aligned240MW solar120MWh BESS
Key metrics
- Contracted revenue
- 88% of forecast
- PPA term remaining
- 12.0 years
- Off-taker rating
- BBB+ (S&P)
- Interest cover (ICR)
- 2.4x
- Debt service cover
- 1.80x
- Loan to value
- 62%
Use of proceeds
- Refinance construction facility (A$52m)
- Battery module procurement and grid connection works (A$21m)
- Debt service reserve and transaction costs (A$12m)
Structure
- Sponsor
- Meridian Clean Energy Partners
- Trustee
- Perpetual Corporate Trust
- Custodian
- Zerocap (MPC, insured)
- Instrument
- Senior secured green notes
- Ranking
- First ranking senior secured
- LTV
- 62%
- DSCR
- 1.80x
- Maturity
- 2030-06-30
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