Pacific Hydro has secured AUS$670 million (US$500 million) in financing for renewable energy projects in operation and under development, including hydro, in Australia and Chile.
The transaction entails the refinancing of assets and an injection of capital to expand the company’s footprint in the two countries, where Pacific Hydro has run-of-river hydro and wind parks in operation, according to BNamericas.
The agreement “is among the first financing operations for large-scale renewable energy portfolios,” Pacific Hydro said. “We are proud to be one of the first examples of such a major cross-border arrangement; this deal is a great demonstration of the power of global lending partnerships,” said Pacific Hydro Chief Executive Officer Mike Fuge.
The financing is backed by China Construction Bank, Commonwealth Bank of Australia, DNB Asia, Industrial and Commercial Bank of China, and National Australia Bank.
The company is fully owned by State Power Investment Corporation of China and has about 850 MW of capacity in operation across Chile, Australia and Brazil. This includes the 2.5-MW Drop, Ord, and 10.3-MW Victorian hydropower plants. Pacific Hydro also owns the 111-MW Chacayes hydro project.
The firm also has 100 MW of projects under construction and another 1.7 GW in varying stages of development. The 125-MW Nido de Aguilas hydro plant in Chile is one example.