Deutsche Bank has announced that it has closed a AUD348m ($230m) debt and bank guarantee facility for Goorambat East Solar Farm.
The bank stated it was proud to act as Initial Financer, Bank Guarantee Facility Provider, and Hedge Provider on the deal.
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In addition, the 250MW Goorambat East Solar Farm is being developed by ENGIE ANZ. Construction and commissioning of the 250 MW solar farm is expected to be finished in 2026.
At completion, at its maximum capacity, the solar farm could generate enough electricity to power the equivalent of 105,000 average Victorian homes, helping to bolster energy security in the state.
Furthermore, this marks the 23rd renewable asset that Deutsche Bank has project financed in Australia since 2021.
Rachel Chia, Deutsche Bank’s head of project finance, Asia Pacific, said: “Deutsche Bank has provided an all-encompassing financing solution to support ENGIE ANZ in the establishment of Goorambat East Solar Farm, further advancing renewable energy solutions in Victoria.”
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By GlobalDataLaura Caspari, managing director of renewables at ENGIE ANZ, added: “ENGIE’s Goorambat East Solar Farm project represents a significant new private investment into regional Victoria and will create approximately 250 new jobs during the construction phase and a community benefit fund designed to deliver long-term benefits to Goorambat and surrounding communities.”
In H1 2024, profit before tax was €2.4bn for Deutsche Bank, up from €3.3bn in the first half of 2023. Post-tax profit was €1.5bn, with a 3.9% post-tax RoTE and 3.5% post-tax RoE, and a cost/income ratio of 78%.
Deutsche Bank has hit a profit before taxes of €411m ($445m) for the second quarter of 2024, or €1.7bn, excluding a reserve of €1.3bn for litigation connected to the Postbank takeover.
Its target ratios improved year on year excluding the Postbank litigation provision, with a negative 1.0% post-tax RoTE and a negative 0.9% return on average shareholders’ equity, and a cost/income ratio of 88%.
