Foresight’s Australian Renewables Income Fund (ARIF) has completed a A$700m (€390m) portfolio debt refinancing to strengthen its capital structure and support future growth.
The transaction consolidates debt across ARIF’s portfolio of ten operating renewable energy projects and establishes a funding platform for continued investment, the outfit said.
The facility comprises a A$620m term loan and an A$80m multi-purpose facility provided by a syndicate including ANZ, Westpac, Mizuho, HSBC and Bank of China.
It is structured as a green loan under ARIF’s Green Finance Framework, which aligns with the Asia Pacific Loan Market Association’s Green Loan Principles.
RBC Capital Markets acted as financial adviser with W&C as borrower’s counsel.
Proceeds will be used to refinance existing project debt and support ARIF’s development pipeline to enhance portfolio diversification.
Portfolio manager Daniel Beaver said: “This refinancing marks a significant milestone for ARIF, reinforcing the strength and scale of our operating portfolio and establishing a funding platform to support future growth.
“ARIF aims to continue investing in high-quality businesses and assets supporting the energy transition across Australia and New Zealand, while maintaining our commitment to delivering attractive returns for our investors.”
ARIF holds a 787MW portfolio across wind, hydro and solar and a pipeline of new development opportunities.