Pacific Hydro secures innovative global funding platform
22 May 2017
Pacific Hydro has implemented a multi-currency A$670 million equivalent global funding facility to finance a significant portion of the company’s international operating and development portfolio.
The innovative funding platform establishes one of the first cross-border portfolio financings for large-scale renewable energy.
Pacific Hydro CEO Mike Fuge said the transaction would provide many benefits and marked an exciting point in the company’s growth.
“We are proud to be one of the first examples of such a major cross-border arrangement; this deal is a great demonstration of the power of global lending partnerships.”
The portfolio-style transaction involved the refinancing of a number of project-financed assets whilst providing additional capacity to expand the portfolio of assets in both Australia and Chile, where the company owns a number of hydro and wind assets.
The facility is funded by an international group of lenders which includes China Construction Bank, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited, and National Australia Bank Limited.
Allens was the lead global counsel to Pacific Hydro, working alongside Chilean counsel, Bofill Mir & Alvarez Jana Abogado. Gilbert + Tobin acted as lead global counsel for the financiers.
Pacific Hydro is currently developing renewable energy assets in Australia, Chile, and Brazil with the Punta Sierra (Chile) and Yaloak South (Australia) wind farms currently under construction.
Founded in Australia in 1992, Pacific Hydro is a global renewable energy owner, operator and developer. The company holds a high quality, diversified portfolio of 19 operating assets and an installed operating capacity of ~850 MW across Chile, Australia and Brazil. A further 100MW of projects are currently in construction, complemented by over 1.7 GW of development potential and a growing Australian retail business.
Pacific Hydro is fully owned by State Power Investment Corporation of China (SPIC).
Media contact: Adam Chandler, Senior Project Leader Communications 1800 730 734