Frontier Energy Ltd - credit approved commitments received for Waroona project

Frontier Energy Limited has received credit-approved senior debt commitments for the first stage of its Waroona Renewable Energy Project, marking a key step toward financial close. The debt facility is expected to cover up to 70% of the total capital cost for Stage One, with a tenor of up to 20 years and pricing aligned with infrastructure project finance standards. These commitments follow the company’s AU$110 million equity raise, which was oversubscribed and included participation from institutional investors and WA-based family offices.

The Waroona project, now valued at AU$327 million including contingency, includes a 132MW solar PV plant and an 81.5MW battery energy storage system with a 6.9-hour duration. The project’s development has evolved significantly since its inception, including restructuring of financing plans after the loss of Reserve Capacity Credits in late 2024. With credit commitments secured and shareholder approval expected, Frontier Energy is now positioned to advance Stage One construction, with commercial operations anticipated in October 2027.

The company also plans to begin development work on Stage Two, which will expand the project to 1GW of solar generation and 660MW of battery storage by 2031.