FRV Australia secures $781m refinancing for 1-GW solar portfolio

This will also benefit future projects.

Fotowatio Renewable Ventures (FRV) Australia has announced the financial close of a $781m (A$1.2b) refinancing deal that will support its one-gigawatt portfolio of operating and under-construction solar photovoltaic plants. 

According to FRV, the debt will benefit the plants located in  Lilyvale, Moree, Sebastopol, Goonumbla, Metz, Winton, Walla Walla, and Dalby. The deal will also back its future growth and development of new projects, the company added.

“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,” FRV said. 

The transaction 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, whilst White & Case acted as legal adviser for FRV, and Allens for the lenders.

$1 = A$1.54