Palisade secures AUD 258 million refinancing for its Australian renewable energy platform
Deutsche Bank is a new entrant to its lending consortium contributing 50% of the debt facility
The facility replaces the short-term bridge that was put in place during its formation
Australian renewable energy platform Intera Renewables of Palisade Investment Partners has successfully raised AUD 258 million ($171 million) as refinancing which now significantly de-risks the former's financing profile over the long term.
MUFG Bank has underwritten 50% of this new long-term debt facility, syndicated to long-tenor investors in the Japanese, institutional and broader Asian term loan markets.
Germany's Deutsche Bank AG is a new lender for Intera as it pitches in with the remaining 50% debt.
Intera's parent Palisade says the new 10-year tranche replaces its short-term bridge that was put in place during its formation. While it did not share the details, the new financing has highly attractive pricing and terms.
Palisade aggregated 5 of its operational wind and solar energy assets with 1 GW combined capacity under Intera, which it launched in March 2023 as a large-scale renewable energy platform. These include Ross River Solar Farm in Queensland (see Palisade Sets up New Renewable Energy Arm).
It also executed an AUD 1.3 billion single portfolio financing facility against the combined pool of Intera assets. This is structured with enhanced facility to utilize debt funding to pursue Intera's strategic objectives.
Intera is 50% owned by Palisade's Renewable Energy Fund (PREF) alongside the latter's Diversified Infrastructure Fund (PDIF) and co-investors. Both these funds invest in operational as well as renewable assets under development in Australia. Palisade says both the funds are now open to new commitments.