Palisade packages 1 GW of assets right into new renewables platform
- Australian infrastructure asset manager Palisade Investment Partners on Tuesday stated it is introducing a renewable energy platform, called Intera Renewables, which will certainly bundle five of its functional renewable energy assets with an incorporated capacity of concerning 1 GW.
The firm clarified it is creating a renewable energy of range at a time of "extraordinary" momentum in the energy industry, driven by the retirement of fossil fuel generation in mix with ambitious internet zero targets throughout the Australian economy.
The new platform's seed assets include four wind farms, Hallett 1 and Snowtown 2 in South Australia, Granville Harbour in Tasmania and Macarthur in Victoria, as well as the Ross River solar farm in Queensland.
Intera will go after organic development with a concentrate on establishing as well as creating new renewable energy projects, while looking for to offer stable capitalist returns backed by the operating portfolio.
Palisade has replaced the individual asset loans with a AUD-1.3-billion (USD 869m/EUR 802m) solitary portfolio financing facility secured versus Intera's mixed portfolio. Capitalizing on Intera's acquired and also geographically varied cashflows, the new portfolio facility attains "exceptional financing terms and also significantly improved flexibility to make use of debt financing for calculated functions," the firm's statement reads.
The new renewable energy platform will certainly be had by Palisade's Renewable Energy Fund (PREF), which will have a stake of about 50%, Palisade's Diversified Infrastructure Fund (PDIF), Palisade direct investment customers, HESTA as well as the Clean Energy Finance Corporation (CEFC), and Aware Super as a co-investor in Intera.
The portfolio funding facility was acquired from Australia and New Zealand Banking Group, Bank of China, Commonwealth Bank of Australia, Industrial and also Commercial Bank of China, ING Bank (Australia) Ltd, Mizuho Bank Ltd, MUFG Bank Ltd, Sumitomo Mitsui Banking Corp and also Westpac Banking Corp