Girgarre Solar Farm

Client: Potentia Energy
Location: Victoria, Australia
Date: 2023–25

Providing Independent Technical Advisor services to fulfil lenders’ requirements for financing during construction of a solar farm

Background

The 93 MW Girgarre Solar Farm, located approximately 10 km north-west of Stanhope and 50 km west of Shepparton in Victoria, is a significant addition to Victoria’s renewable energy infrastructure. It comprises approximately 169,000 photovoltaic (PV) modules and related civil and electrical infrastructure.

Services

Entura provided lender’s due diligence for the Girgarre Solar Farm to assist in securing finance for the project. Following from this, Entura was approved by the project’s lenders as the independent technical advisor (ITA) for the construction phase of the project. In this capacity, we were independent of both the lenders and the project developer, taking on the responsibility of ensuring that the technical components of the project were independently verified and that progress was accurately reported.

Drawing on our significant experience of all aspects of solar energy projects, we undertook a range of monthly and quarterly tasks to verify project milestones and compliance with financial and contractual requirements to provide the project’s lenders with confidence in the use of the loan funds.

Monthly tasks included ‘Cost to Complete’ analysis and issuing milestone certificates. This required verifying via documentation reviews and site visits that key components had been delivered and installed and that project milestones had been completed.

Our team prepared detailed quarterly reports regarding schedule, budget, power purchase agreement (PPA) obligations, and any contingencies that could impact project costs. We also reported on aspects of risk management such as health and safety practices, community consultation and adherence to Equator Principles.

We provided ad-hoc advice to give lenders assurance that any changes to the project were necessary, appropriate and within the scope of the project budget.

On completion of the project, we verified that all contractual and permit requirements had been satisfied, and then issued the completion certificates needed to execute the loan.

Entura’s expert team, robust systems and efficient processes ensured that we could respond immediately to requests and provide fast turnarounds on documentation with a high level of accuracy. This meant that contractors could be paid on time, which in turn kept the project proceeding on schedule.

Outcome

Our impartial evaluation, rapid and clear reporting, and reliable technical advice provided reassurance to the project’s lenders of the Girgarre Solar Farm’s progress and successful completion. The project progressed without significant issues, on time and within budget.

The Girgarre Solar Farm started sending power to the grid in 2024 and is now fully operational. According to Potentia Energy, it will be capable of producing 200 GWh, powering the equivalent of 43,000 Victorian households – making a significant contribution to Australia’s clean energy transition.