Australian renewables business Genex Power has lined up around AUD 1bn (USD 632m) in project financing for its 775 MW Bulli Creek 1 solar farm in Queensland, said two sources.

Lenders involved in the five-year facility are China Construction Bank, Clean Energy Finance Corp., DBS Bank, Deutsche Bank, DZ Bank, Export Development Canada, Mizuho, Sumitomo Mitsui Banking Corp. and Sumitomo Mitsui Trust Bank, they said.

​​​​Genex Power said in September last year it wants to sell project equity and raise project finance linked to Bulli Creek 1, which is estimated to cost AUD 1.5bn to build.

Genex CEO Craig Francis in January told Infralogic that the project’s final investment decision had been delayed, with expected completion now before June.

It had previously planned to reach FID before the end of 2024, as reported.

Azure Capital is advising Genex on the project financing and stake sale. Bulli Creek 1 still needs certain approvals and faces challenges as a single-asset solar project, one of the sources said.

Canadian builder PCL Construction was chosen in July 2024 as preferred engineering, procurement and construction (EPC) contractor for the solar farm.

Genex signed a 15-year power purchase agreement with Queensland state-owned Stanwell Corporation in September. The agreement is for up to 550 MW of Stage 1 of Bulli Creek, which is being co-developed by Genex and J-Power, as reported.

Japanese energy utility company J-Power bought Genex for AUD 1.03bn in August 2024, de-listing it from the ASX. Genex bought Bulli Creek from Solar Choice in 2022, as reported.

The multi-stage Bulli Creek Clean Energy Park covers 5,000 hectares, according to its website.

Genex, Azure and the lenders either declined to comment or did not respond to requests.