Foresight Solar has reached final approval for a A$60m refinancing of a solar portfolio in Australia.
The developer has secured a term facility of approximately A$59M plus a debt service reserve facility of approximately A$1m from ANZ and Deutsche Bank.
The debt covers the Oakey 1 and Longreach solar farm portfolio.
Foresight Solar views the pricing of the refinancing to be improved from the current financing. The Portfolio will predominantly be hedged up to 10 years.
Following this transaction and in addition to the Lorca refinance announced on 29 March 2022, the Company’s total outstanding debt is approximately £534m, representing 45.6% of Gross Asset Value (“GAV”) of the company and its subsidiaries based on the Company’s 31 December 2021 GAV of £1,172.0 million.