Palisade Investment Partners has refinanced a A$258 million ($171 million), 10-year debt facility for Intera Renewables.
The facility is underwritten 50% by existing lender MUFG Bank, with Deutsche Bank AG providing cornerstone participation for the remaining 50%, introducing them as a new lender to the platform.
Intera, established in March 2023, consolidates five of Palisade’s operational renewable energy assets into a single entity. The platform aims to drive long-term value creation through organic growth and new project development while offering investors stable income returns from its high-quality portfolio.
“The refinancing represents a major achievement for Intera and is a natural evolution of the platform’s capital structure following its establishment,” said Palisade Executive Director Simon Parbery.
“The facility significantly de-risks Intera’s financing profile over the long-term, while at the same time achieving attractive pricing and terms, leading to enhanced equity returns for investors.”
The new 10-year tranche replaces a short-term bridge tranche from Intera’s establishment, offering improved pricing and terms.
Intera’s financing structure leverages its highly contracted, geographically diverse cash flows for superior terms and strategic flexibility.
“We are delighted to support Intera Renewables with this innovative refinancing solution that combines our long-standing relationship with Palisade and our ability to underwrite long tenor solutions for distribution across our Japanese, institutional and broader Asian investor base,” stated Paul Martin, MUFG’s Head of Project Finance, Oceania.
“MUFG has historically been a strong supporter of Palisade’s renewable energy assets, and we look forward to further opportunities to support Palisade’s and Intera’s growth in this sector.”
Rachel Chia, Deutsche Bank’s Head of Project Finance Asia Pacific, noted: “We are pleased to play a significant role in the refinancing of Intera’s portfolio and showcase our capabilities in long term financing. This continues to demonstrate DB’s commitment to sustainable financing and solidifies our relationship with Palisade and Intera.”
Palisade’s Renewable Energy Fund (PREF) holds a 50% ownership interest in Intera, alongside Palisade’s Diversified Infrastructure Fund (PDIF) and co-investors. The fund targets investments in both operating and development-phase renewable assets in Australia and is currently open to new commitments.
Intera’s assets include Hallett 1 Wind Farm, Snowtown 2 Wind Farm, Granville Harbour Wind Farm, Macarthur Wind Farm, and Ross River Solar Farm, with a combined capacity of about 1 GW.
Macquarie Capital, King & Wood Mallesons, and White & Case LLP advised on the transaction.
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