ACEN Australia secured $474.68m financing for its renewables portfolio

The transaction was supported by 11 lenders.

ACEN Australia has completed its $474.68m (AU$750m) portfolio debt financing to support its renewable energy portfolio expansion.

In a statement, the company said the financing will support the 400 megawatt (MW) Stubbo Solar project in New South Wales, and follows the first generation from Stage 1 of the company’s New England Solar project (400 MW) in 2023.

The funding, supported by a group of 11 leading Australian and international lenders, “establishes a robust funding base for the company’s diverse portfolio of wind, solar, pumped hydro, and battery storage projects,” said ACEN Australia Managing Director David Pollington.

ACEN Australia has a portfolio of more than 1,000 MW of renewable capacity in operation and under construction, and 13 gigawatts in development across the National Electricity Market.

Macquarie Capital and Morgan Stanley were joint financial advisors to the transaction. Allens was the legal adviser for ACEN Australia and Hebert Smith Freehills legal adviser for the lenders.

$1 = AU$1.58