METLEN completed the refinancing of all its operating and under construction projects in Australia with Deutsche Bank, Intesa Sanpaolo (IMI CIB Division) and Westpac Banking Corporation on May 23.
The portfolio includes photovoltaic parks in operation in New South Wales and Queensland:
- Corowa 40MW
- Junee 40MW
- Wagga 64MW
- Wyalong 75MW
- Moura 110MW
- Kingaroy 53MW
In addition, the portfolio includes the 150MWP Munna Creek PV park, which is soon to be completed.
The projects have been acquired, financed and constructed over the past six years as part of the Company’s strategic investment in the Australian market, a competitive electricity market in transition. When fully operational, the projects will generate almost 1 TWh of renewable energy per year, contributing to the electrification of Australia and avoiding approximately 650,000 tonnes of carbon dioxide emissions each year.
The majority of the energy generated and Large Scale Generation Certificates (LGCs) are sold through 10-year green Power Purchase Agreements (PPAs) to a series of buyers including CS Energy, Coles, Telstra, National Broadband Network, Smartest Energy and Zen Energy. The construction (EPC) and operations and maintenance (O&M) of the projects are being undertaken by a subsidiary of METLEN.
The financing includes an operating facility of AUD 269 million, a construction facility for Munna Creek of AUD 158 million, and AUD 33 million in ancillary facilities.
Herbert Smith Freehills acted as legal advisor, White & Case as legal advisor to the lenders, RINA and DNV as technical advisors, Baringa as market advisor, WTW as insurance advisor, Deloitte as tax advisor and Mazars as financial model auditor. Westpac acted as facility manager, account bank, hedging coordinator and structuring bank.
