FRV Australia, a renewable energy project developer and part of Jameel Energy and the Canadian infrastructure fund OMERS, secured A$1.2 billion (~$0.785 billion) in refinancing for its solar project portfolio, which has a total installed capacity close to 1 GW. The portfolio consists of eight solar projects in operation or under construction.
The debt package includes a term loan that refinances the portfolio’s actual debt, plus a Letter of Credit facility and a working capital facility to support FRV Australia’s development activities across the country.
Macquarie Capital acted as financial advisor to FRV Australia, while White & Case served as legal advisor for FRV and Allens for the lenders on the transaction. A group of eleven financial institutions provided the funding, 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.
The funding will support the development of the entire Australian portfolio, future growth, and new project development.
“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,” said Carlo Frigerio, CEO of FRV Australia.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this month, Enfinity Global, a U.S.-based renewable energy project developer, closed $164 million (~JPY 26.24 billion) in financing for a 250 MW solar PV project portfolio in Japan. Enfinity Global obtained the funding in partnership with Macquarie Capital and a syndicate led by Shinhan Asset Management.
