King & Wood Mallesons (KWM) is delighted to have acted for the lender group on the refinancing of Pacific Energy.
Pacific Energy, owned by QIC’s Global Infrastructure Fund, is an Australian market leader in the provision of sustainably distributed energy, with a contracted capacity of 946MW across 48 sites. Pacific Energy has a strong commitment to minimising emissions and maximising efficiencies by integrating wind, solar, battery energy storage and green hydrogen into remote power systems.
The transaction involved a successful A$1.6 billion debt refinancing, with $550M of the syndicated facility allocated to green loan tranches.
KWM worked with 15 domestic and international banks across Australia, Asia and North America. Seven new lenders, including Société Générale, ANZ, Export Finance Australia, DNB Bank, China Construction Bank, Bank of Communications, and DBS, joined the existing syndicate of Westpac Banking Corporation, National Australia Bank, Industrial and Commercial Bank of China, Canadian Imperial Bank of Commerce, Sumitomo Mitsui Banking Corporation, Mizuho, Oversea-Chinese Banking Corporation and Bank of China.
This diverse refinancing will allow Pacific Energy to enhance their ongoing energy transition and capitalise on growing development projects in Western Australia and on the East Coast.
KWM’s deal team was led by partners Amy Maguire and Claire Rogers, with assistance from solicitor Yasmin Frost and law graduate Leilani Hunt. The deal builds on their extensive portfolio in the energy transition, core-plus financing and large syndicate debt refinancing space.
Partner Amy Maguire said:
‘It was rewarding to assist the syndicate of 15 international and domestic lenders for Pacific Energy’s successful refinancing. KWM looks forward to furthering its active involvement in the growing energy transition financing market.’
