Genex completes $162m refinancing for two solar plants

This will be for another five years.

Genex Power Limited has successfully refinanced its senior debt facility for its two plants, the 50-megawatt (MW) Kidston Solar Project, and the 50MW Jemalong Solar Project.

In a statement, the company said the new five-year $162m senior facility will replace the existing one that is set to mature on 17 December 2024. 

“This refinancing not only strengthens our financial position but also enables us to continue our commitment to sustainable energy development in Australia,” Genex CEO Craig Francis said. 

According to the company, existing lenders Deutsche Zentral-Genossenschaftsbank and Westpac Banking Corporation financed the new facility. Terms include an interest rate of 95% hedged, at favourable rates until 2030 with a maturity date of 27 June 2029.

Genex said the latest facility enables it to fully repay the subordinated loan facility with Infradebt Pty Ltd and streamline its capital structure.