DNV Facilitates Financial Close of MYTILINEOS’ Munna Creek Solar Project in Queensland, Driving Australia’s Renewable Energy Transition with Technical Due Diligence Expertise

DNV, a leading independent energy expert and assurance provider, has provided technical due diligence services to MYTILINEOS, a prominent energy and industrial company. This collaboration has facilitated the financial close of MYTILINEOS’ Munna Creek solar project, located in Queensland.

Upon completion, the Munna Creek solar farm will boast an installed capacity of 150 MWp, generating approximately 300 GWh of green energy annually. Key offtakers for the power produced include Telstra and National Broadband, contributing to the anticipated offset of around 200,000 tons of carbon dioxide emissions per year.

As the independent advisor, DNV played a pivotal role in ensuring the project’s bankability and compliance with industry standards. Technical due diligence covered various aspects including site assessments, plant design, environmental permits, grid connection and access, supplier contracts, energy yields, and adherence to socially responsible and environmentally sound practices such as the Equator Principles.

Matthew Tilbrook, Project Finance Director in MYTILINEOS’ Renewables division, highlighted the significance of the project in supporting Australia’s renewable energy targets. He praised DNV’s contribution in assessing the project’s feasibility and providing the detailed analysis required by lenders.

Matthew Forwood, Country Director for Australia & NZ, Energy Systems at DNV, emphasized the company’s extensive global experience and local expertise in managing the project. He expressed DNV’s commitment to contributing to the successful implementation of the Munna Creek solar farm and supporting Australia’s transition to clean energy.

DNV’s latest Energy Transition Outlook report predicts a significant decline in the levelized cost of electricity (LCOE) for solar PV, making it increasingly competitive compared to fossil fuel generation. DNV remains dedicated to assisting clients in embracing the clean energy transition and achieving their climate ambitions, driving long-term growth for the industry while supporting the region’s energy transformation.

Many investors today want to ensure that the right conditions are in place to invest in the clean energy transition. DNV is well-positioned to help these clients embrace this shift and push ahead with their climate ambitions. The depth of our industry knowledge and functional expertise are delivering value to our customers, driving long-term growth for the industry while supporting the region’s energy transformation,” added Brice Le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV.