[SMM PV Flash] New Zealand's Lightyears Secures NZ$174 Million in Investment and Debt

Australia's Frontier Energy, through subsidiary WRP Finance, announced on 2 November that it has signed a syndicated facility agreement of up to A$280 million with an international group led by Natixis CIB and Sumitomo Mitsui Banking Corporation to fund Phase 1 of the Waroona renewable energy project in Western Australia, moving the project closer to financial close. Phase 1 comprises a 132 MW solar farm and an 81.5 MW/562 MWh battery energy storage system, with the facility split into up to A$250 million of construction and term loans, up to A$17 million of debt service reserve and up to A$13 million of guarantee facilities, structured as secured, non-recourse project finance with a nominal 18-year repayment profile. Financial close is expected in November 2026, subject to executing a Capacity Investment Scheme agreement with the federal government and completing interest-rate hedging, with first drawdown planned for the first quarter of 2027. Combined with an A$110 million equity placement completed in July, the debt and equity are expected to cover the full Phase 1 construction cost, and the project targets first power in 2028.

Thai Prime Minister and Interior Minister Anutin Charnvirakul said on 3 November that the Budget Bureau has readied funding for the first phase of the People's Solar programme covering 1 million households at 50,000 baht each, and that the Provincial Electricity Authority and the Metropolitan Electricity Authority have completed the relevant procedures, with the cabinet adding no further instructions at its meeting that day. The programme was approved by the cabinet on 27 October with a total budget of 50 billion baht drawn from the energy-transition portion of a 400 billion baht loan decree, and participating households must install systems of at least 5 kW and no more than 10 kW, with registration open until 31 January 2027. Under a net-billing design the government will buy surplus output of up to 5 kW at 2.20 baht per kilowatt-hour for about 20 years, while three state financial institutions are to offer loans of about seven years at 2.5% interest for the portion above the subsidy. An internal Provincial Electricity Authority document in Chiang Mai listing an 110,000 baht installation price has been recalled and referred to an investigation committee, leaving execution and installer pricing discipline as the near-term risks.

On November 2, Indian solar manufacturer Avaada Electro received approval from the Ministry of New and Renewable Energy (MNRE), with its 7.1 GW N-type TOPCon solar cell manufacturing capacity successfully included in India's Approved List of Models and Manufacturers (ALMM). The company also introduced a new solar module product with an output power of up to 745 W. The certification is expected to further expand India's domestic supply of ALMM-compliant TOPCon solar cells, while highlighting the continued efforts of Indian solar manufacturers to upgrade towards N-type technologies and strengthen their vertical integration strategies.