KfW IPEX-Bank is acting as a mandated lead arranger within an international banking consortium to support the construction and operation of solar and battery storage ( BESS ) projects in the Australian state of Queensland. 

The A$3.3 billion ( US$2.4 billion ) Smoky Creek and Guthrie’s Gap projects developed by Edify Energy will have a combined solar capacity of 720 megawatts ( peak ) and battery storage capacity of 600MW / 2,400 MWh. The solar and battery storage plants are connected by state-of-the-art direct current connection ( DC coupling ) that minimizes conversion losses. 

“We are delighted to strengthen our position in Australia’s growing renewable energy market with these projects,” says Velibor Marjanovic, a member of the KfW IPEX-Bank management board. “With this financing, we are expanding our partnership with Edify Energy and laying the foundations for future large-scale energy transition projects.” 

Edify Energy is one of the leading independent power producers in the Australian market and is part of the global infrastructure investor La Caisse, which acquired the company in 2025.  

The debt financing is being delivered under a greenfield renewable energy debt financing platform, with the Smoky and Creek and Guthrie’s Gap Solar Power Stations being the first projects to be financed under the platform.

The establishment of a greenfield portfolio financing is a first in the Australian market, providing a scalable foundation for future greenfield project delivery.

Herbert Smith Freehills Kramer advised Edify Energy while Allens advised the lenders. ICA Partners acted as financial adviser to Edify. 

Supporting the projects are two long-term solar and battery hybrid services agreements with Rio Tinto. Under these agreements, Rio Tinto will purchase 90% of the power and battery storage capacity generated by the Smoky Creek and Guthrie’s Gap Solar Power Stations for 20 years, supporting Rio Tinto’s Gladstone aluminium operations with affordable, reliable and lower-carbon energy.