Refinancing provided for 206-MW wind farm in Australia

A consortium of lenders, including Australian and international banks, have extended AUD 409 million (USD 299m/EUR 262m) in debt package to refinance the 206-MW Collgar wind farm in Western Australia.

The refinancing deal was announced on Monday by law firm Ashurst, which advised the lenders in the transaction. The debt package consists of an AUD-397-million term loan facility and a working capital facility of AUD 12 million. It was provided by group of seven banks, consistsing of Australia and New Zealand Banking Group (NZE:ANZ), Credit Agricole CIB Australia, Commonwealth Bank of Australia (ASX:CBA), BNP Paribas (EPA:BNP), HSBC (LON:HSBA), Korea Development Bank (KDB) and Japan’s Mizuho Bank.

The Collgar wind park, located in Merredin, is currently the largest single stage operating wind farm in the southern hemisphere. It is owned by UBS International Infrastructure Fund, with a 60% stake, and Retail Employees Superannuation Trust (REST), which holds 40%. The plant’s 111 Vestas V90 turbines have been generating electricity since 2011. The output of the machines, of between 650 GWh and 850 GWh per year, is enough to meet the demand of around 170,000 homes, according to the project’s website.

(AUD 1.0 = USD 0.731/EUR 0.640)

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