FRV Australia secures A$1.2 Billion refinancing for 1GW Photovoltaic Portfolio

The financial close involves the refinancing of FRV Australia’s entire portfolio of eight PV plants with a total installed capacity close to 1GW.

The total size of the refinancing facilities amounts to A$1.2 billion, providing continued financial support for all the plants and a solid backing for the development of new projects.

Eleven financial institutions participated in the refinancing run by Macquarie Capital who was the financial advisor to the transaction, White & Case who was the legal adviser for FRV Australia and Allens who was the legal adviser for the lenders.

Sydney, NSW, Australia, July 31^st 2024

Fotowatio Renewable Ventures (FRV) Australia, a leading developer of sustainable energy solutions, and part of Jameel Energy and the Canadian infrastructure fund OMERS, has announced the financial close of its portfolio financing facility which refinances its entire portfolio of operating and under-construction assets, comprising eight photovoltaic (PV) plants with a total installed capacity close to 1GW.

The total value of the refinancing amounts to A$1.2 billion, which will guarantee not only the financial support for all the plants as well as a solid backing for future growth and development of new projects. The debt package includes a term loan that refinances the actual debt of the portfolio plus a Letter of Credit (LC) facility and a working capital facility that will support FRV Australia´s development activities across the country.

The transaction perimeter includes all FRV Australia’s operating and under construction plants, including Lilyvale, Moree, Sebastopol, Goonumbla, Metz, Winton, Walla Walla and Dalby.

We are thrilled to achieve this significant milestone in our journey This refinancing not only secures the future of our current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia.

Carlo Frigerio

CEO of FRV Australia

The refinancing process involved eleven financial institutions, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank and Agricultural Bank of China. Macquarie Capital acted as financial advisor on the transaction, White & Case acted as legal adviser for FRV and Allens for the lenders.