Frontier signs the Waroona revenue floor and leaves the price off the page - debt is up to A$280 million, the battery is 81.5 MW with no hours on the company pages, and financial close is still ahead
On 2 November 2026 Frontier Energy said it executed debt facilities of up to A$280 million for Stage One at Waroona, a 132 MW solar plant and an 81.5 MW battery about 120 km south of Perth. Financial close still required a Capacity Investment Scheme agreement and an interest-rate hedge. On 6 November the company said the agreement is signed, the floor price is confidential, and support with Western Australia's reserve capacity scheme runs to 2042. The 6 November page does not say the hedge is done. Neither November page prints megawatt-hours or a cent rate.
A buyer in Western Australia who wants evening power from a solar farm now has a signed revenue floor for one project, and no price on it. The debt that sits beside the floor is agreed on paper and not yet drawn.
On 2 November 2026 Frontier Energy Limited told the ASX it had executed a syndicated facility agreement for project debt of up to A$280 million. The borrower named in a footnote is its wholly owned subsidiary, WRP Finance Pty Ltd. The lenders are a syndicate led by Natixis CIB and Sumitomo Mitsui Banking Corporation. The other names are not on the page. The facilities are senior, secured, and non-recourse. They comprise a construction and term facility of up to about A$250 million, a bank guarantee facility of up to about A$13 million, and a debt service reserve facility of up to about A$17 million. 250 plus 13 plus 17 is 280, our addition. The page says "approximately" on each part and "up to A$280 million" on the total. Legal maturity is three years from financial close, with a one-year extension at each lender's discretion. Repayments are sculpted over a notional 18-year period. The interest rate is not printed. The page says the company will enter hedges to fix the rate on the construction facility. That hedge was still ahead on 2 November.
Financial close, on that page, still needed conditions that are normal for this sort of loan, including a Capacity Investment Scheme agreement with the Commonwealth and the interest-rate hedge. The page says both will be satisfied in the coming weeks. First drawdown is forecast for the first quarter of 2027. On financial close, the debt together with an A$110 million placement completed in July 2026 is expected to fully fund Stage One through to first generation in 2028. "Expected" and "on financial close" are the page's words. The money is not described as drawn.
The plant. Stage One is a 132 MW solar facility and an 81.5 MW battery, about 120 km south of Perth. The page says the battery is designed to capture solar energy during the day and dispatch it in periods of high-value evening demand. Construction is described as under way, with first generation scheduled for 2028. The page prints no megawatt-hours, so the hours of storage are blank. It prints no cents. It names no offtaker for the energy. A workplace meter in Perth is not this connection. A buyer who wants the power signs a different contract. This page is not that contract.
On 6 November 2026 the company said it had executed the Capacity Investment Scheme agreement for Stage One. The highlights call that execution one of the final conditions for financial close of the $280 million debt facility, expected shortly. The 6 November page prints "$280 million". The 2 November page prints "up to A$280 million". The chair's comment says no major conditions remain, and that financial close will take place shortly. The 6 November page does not mention the interest-rate hedge. It does not say the hedge is done. A comment and a highlight are both on the page. They are not the same sentence as the 2 November list of two conditions.
The floor. The 6 November page calls the agreement a revenue underwriting scheme. If revenue falls below an agreed floor price, set in Frontier's tender, the government pays a top-up. The same page says the financial details are confidential and cannot be publicly disclosed. The floor price is blank on purpose. The page also says the agreement does not change the forecast revenue for Stage One, and it points at announcements of 27 January 2026 and 21 October 2026 for that sentence. This note does not import a figure from the January page. The page says the scheme agreement, combined with Western Australia's reserve capacity scheme, provides a minimum level of guaranteed revenue support until 2042. It points at the 21 October announcement for the reserve capacity scheme. 2042 is the combined line. It is not printed as the end date of the fixed capacity price.
The 21 October page, which the November note cites, is a different document. It says the market operator raised Stage One's reserve capacity credits for the 2028/29 capacity year from about 88 MW to 99 MW. A table splits them. For 2028/29 the battery line is 81.50 and the solar line is 17.50, total 99.00. For 2027/28 the table prints 81.50, 6.55 and 88.06. 81.50 plus 17.50 is 99.00, our addition, matching the later total. 81.50 plus 6.55 is 88.05, our addition, beside the table's 88.06. The battery's credited megawatts stay at the 81.5 MW nameplate. The solar plant is 132 MW on the same company's pages, and its credited megawatts in the table are 17.50. The page says the fixed reserve capacity price is $360,700 per MW per year until 30 September 2032, and a footnote traces that price to an announcement of 22 October 2025. After September 2032 the page says the price floats. It puts the annual capacity payment at about $36 million, previously about $32 million. 99 times 360,700 is 35,709,300, our arithmetic, next to the printed "about $36 million". The page also prints company forecasts, labelled as estimates, of average annual revenue of about $76 million, EBITDA of about $66 million, and free cash flow of about $38 million, from first generation to 30 September 2032. Those are the company's model. They are not the confidential floor.
An earlier note on this desk records a different page. AEMO's reserve capacity price page, as that note reads it, prints a peak reserve capacity price of $459,191.55 per MW per year for the 2028-29 capacity year. Frontier's 21 October page prints $360,700 until 30 September 2032 and footnotes a 2025 announcement. The two pages are not the same document. This note does not merge them into one rate. Neither figure is a line on a factory invoice.
Hours, on a trade page. PV Tech on 3 November prints 81.5 MW / 562 MWh, and says storage duration was extended to 6.9 hours. 562 divided by 81.5 is 6.90, our arithmetic, next to that 6.9. The same article says connection agreements allow exports of up to 99 MW and imports of up to 95 MW to charge the battery. The 2 November page, the 6 November page, and the 21 October page fetched here print 81.5 MW and no megawatt-hours, and they do not print an import limit. A battery only holds what the solar farm or the grid puts in. The company's November description is daytime sun shifted to the evening. It does not print a charging price, and it does not say the box is barred from the grid. An import limit on a trade page is a clue that grid charging is in the design. It is not a figure on the November filings.
Two clocks for construction. The 2 November description says construction of Stage One is under way. The 6 November comment invites governments to a sod-turning on 13 November 2026 as the official start of major construction. The company description on the 6 November page says Stage One is fully funded. The highlights on the same PDF say financial close is expected shortly. "Fully funded" in the description and "expected shortly" in the announcement are both printed. They are not the same status.
Analogy: the federal floor is a promised top-up if revenue falls short. The price of that promise is confidential. The capacity cheque is a different payment, for being available at the peak, and the October page prints a price for that one through September 2032. The battery is still a bucket. These pages describe it holding daytime sun for the evening. They do not print the hours, and they do not print what it costs to fill.
Good: Two dated company announcements inside the week, a named project, 132 MW of solar, 81.5 MW of battery, a debt total of up to A$280 million split into three lines, a July placement of A$110 million, a signed scheme agreement on 6 November, a plain statement that the floor price is confidential, and a 21 October table that keeps the battery credit at 81.50 MW.
Bad: No megawatt-hours and no cent rate on the November pages. No interest rate. The hedge is named on 2 November and unnamed on 6 November. "$280 million" and "up to A$280 million" are both printed. 280, 35,709,300, 99.00, 88.05 and 6.90 are our arithmetic. $360,700 is footnoted to 22 October 2025. The revenue, EBITDA and cash-flow lines are the company's estimates. 562 MWh, 6.9 hours, 99 MW of export and 95 MW of import are on PV Tech. The January forecast page is cited and not read here. $459,191.55 is the earlier note's reading of a different AEMO page.
Ugly: Treating the confidential floor as $360,700, or as $459,191.55. Treating A$280 million as money already drawn. Treating "fully funded" in the company description as financial close. Reading 99 MW of capacity credits as 99 MW of battery. Reading 562 MWh into the November filings. Comparing the battery with a gas plant while ignoring what fills the bucket. Treating a grid project south of Perth as power on a workplace meter.
Soft next step: write the floor as signed and confidential, write the debt as up to A$280 million and not yet at financial close, and leave the battery hours blank on the company pages.
Source: Frontier Energy, ASX announcement, 2 Nov 2026, syndicated debt facility. Primary for facilities of up to A$280 million through WRP Finance Pty Ltd, Natixis CIB and Sumitomo Mitsui Banking Corporation leading the syndicate, the three lines of about A$250 million, A$13 million and A$17 million, three-year legal maturity with a one-year lender option, a notional 18-year repayment, financial close still subject to the scheme agreement and interest-rate hedging, first drawdown forecast for the first quarter of 2027, the A$110 million placement of July 2026, and Stage One as 132 MW of solar and an 81.5 MW battery about 120 km south of Perth, described as capturing daytime solar for evening demand, with first generation scheduled for 2028. The page prints no interest rate, no megawatt-hours and no cents. Frontier Energy, ASX announcement, 6 Nov 2026, Capacity Investment Scheme agreement. Primary for execution of the agreement, the statement that it is one of the final conditions for financial close of the $280 million facility expected shortly, the chair's comment that no major conditions remain, revenue underwriting down to a confidential floor, no change to the Stage One revenue forecast with pointers to 27 January 2026 and 21 October 2026, support with the reserve capacity scheme until 2042, the sod-turning on 13 November 2026, and the company description that calls Stage One fully funded. Frontier Energy, ASX announcement, 21 Oct 2026, reserve capacity allocation. Primary for credits moving from about 88 MW to 99 MW for 2028/29, the table of 81.50 and 17.50 totalling 99.00 against 81.50 and 6.55 totalling 88.06, the fixed price of $360,700 per MW per year until 30 September 2032 with a footnote to 22 October 2025, about $36 million a year of capacity payments, and the company's estimate lines of about $76 million, $66 million and $38 million. PV Tech, George Heynes, 3 Nov 2026. Primary for 562 MWh, 6.9 hours, exports up to 99 MW and imports up to 95 MW to charge the battery. Those four figures are not on the three company pages fetched here. 250 plus 13 plus 17, 99 times 360,700, 81.50 plus 17.50, 81.50 plus 6.55, and 562 divided by 81.5, are our arithmetic. The sources do not print those workings. The 4 November note on the WEM battery index records $459,191.55 from a different AEMO page. That figure is not on Frontier's announcements.