ACEN Corp. said that its subsidiary, ACEN Australia, has completed its AUD750-million portfolio debt financing for its operating renewables assets and financing for new projects in Australia.
The company said in a statement on Tuesday, April 15, the transaction was supported by a group of leading Australian and international lenders including ANZ Banking Group, Commonwealth Bank of Australia, CTBC Bank Co. Ltd. Singapore Branch, CTBC Bank (Philippines) Corp., Cathay United Bank, Deutsche Bank AG, Sydney Branch, DBS Bank Ltd, Australia Branch, Hongkong and Shanghai Banking Corp. Ltd. (HSBC) Sydney Branch, MUFG Bank Ltd., Sumitomo Mitsui Banking Corp., Sydney Branch, UOB and Westpac Banking Corp.
David Pollington, ACEN Australia managing director, said the financing established a robust funding base for the company’s diverse renewable energy portfolio of wind, solar, pumped hydro and battery storage projects, including more than 1,000 megawatts (MW) of renewable capacity in operation and under construction across the region.
“Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia,” Pollington added.
Meanwhile, Phillip Mak, ACEN Australia chief financial and investments officer, said the transaction demonstrated the company’s ability to independently access and structure competitive capital solutions as a key portfolio business of its parent firm, ACEN Corp.
“This transaction strengthens our funding platform, accelerates our delivery pipeline, and positions us as a capable partner backed by a stable and diverse capital base,” Mak said.
ACEN added that Macquarie Capital and Morgan Stanley also served as joint financial advisors to the transaction while the Allens (law firm) acted as the legal adviser for ACEN Australia and Herbert Smith Freehills, the legal adviser for the lenders.
