DNV provides lenders’ technical advisory services to MYTILINEOS Energy & Metals for the Munna Creek solar farm in Queensland, Australia

DNV has provided technical due diligence services to MYTILINEOS, an energy and industrial company. MYTILINEOS’ Munna Creek solar project achieved financial close in December and is located in Queensland.

Upon completion, the Munna Creek solar farm will have an installed capacity of 150 MWp and will generate approximately 300 GWh of green energy annually. Telstra and National Broadband are the main offtakers for the power generated from the plant. The anticipated sustainable energy production from the solar farm is projected to offset around 200,000 tons of carbon dioxide emissions annually.

As the independent advisor, DNV contributed to ensuring the project's bankability and compliance with industry standards. The technical due diligence covered assessments of the site, plant design, environmental permits, grid connection and access, supplier contracts, energy yields and a review of the Equator Principles to ensure that the project adheres to socially responsible and environmentally sound practices.

"With the solar capacity this plant will be adding to the grid, MYTILINEOS will help support the Australian government’s target of 82% renewable energy by 2030," said Matthew Tilbrook, Project Finance Director in MYTILINEOS’ Renewables division. “DNV has been instrumental in assessing the feasibility of this project and providing the in-depth analysis required by lenders. We take comfort in the assurance that DNV’s guidance will not only contribute to the successful implementation of the Munna Creek solar farm but also positively impact the communities we are dedicated to serving."

"We are proud to have undertaken this technical due diligence for MYTILINEOS and contributed to the financial close of the project. While we leveraged on DNV’s extensive global experience to carry out this review, the project was managed by our local renewable energy engineering team based in Melbourne,” said Matthew Forwood, Country Director, Australia & NZ, Energy Systems at DNV. "DNV has been active in the Australian market for many years and has conducted hundreds of technical due diligence reviews at all stages of project development and execution. We have highly developed processes that facilitate a clear evaluation of the project risks and enable robust decision-making to be made with confidence. We look forward to participating as a technical advisor for more solar projects as the demand for clean energy in Australia continues to grow."

While solar PV’s levelized cost of electricity (LCOE) is already more competitive than fossil fuel generation, it is set to break the USD 30/MWh mark by 2030. From 2030 to 2050, the LCOE will continue to fall by 1.5% annually, bottoming out at USD 22/MWh, according to DNV’s latest Energy Transition Outlook report.

“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.