OST Energy (OST), a leading independent engineering consultancy, has provided technical advisory services to inform a $232 million, 198 MWp transaction led by Wirsol Energy and Edify Energy – Australia’s largest solar financing deal to date. This brings the total capacity of Australian renewables projects OST has worked on in the past 12 months to over 2,000 MW.
Since 2010, OST has been delivering its independent technical advisory services in the Australian market to help wind and solar PV project developers and investors manage technical, financial and contractual risks, from the early development phases, throughout financing, construction, and operations.
As new construction and project-financing activity within the Australian renewables sector has increased over the past 12 months, OST’s Sydney-based operations have grown proportionally. This expansion has been realized by hiring locally, bringing home experienced Australian staff that had been working in the more active renewable energy markets globally, and drawing upon the support and expertise of its global team.
OST’s expanding Australian team has worked with a host of international and domestic developers including Canadian Solar, Genex Power, and First Solar, alongside a variety of local and international investors, financiers and government bodies. The scope of work undertaken has ranged from yield assessments to owner’s engineering and extensive due diligence work informing acquisition, development and financing decisions.
Most recently, OST provided due diligence for Australia’s single largest solar project financing transaction to date – a $232million debt facility from three lenders covering three large-scale sites with a combined capacity of 198MWp. As the Independent Engineer engaged at the Whitsunday, Hamilton, and Gannawarra projects, OST undertook a comprehensive technical review of the three sites, informing both the sponsors and financiers providing the debt facility.
“Having already worked with the team based out of Europe, we were well aware of OST’s engineering heritage and expertise in the renewable energy sector,” said Mark Hogan, Managing Director, Wirsol Energy. “Again, the firm has proven an invaluable partner, helping us to bring our project development expertise to the Australian market.”
David Hawkins, Asia Pacific Director of OST Energy, said: “OST is proud to be contributing to the renewable energy sector in Australia, combining our extensive international experience with local knowledge and presence to provide reliable and up to date advice on the development and financing of world-class projects.”