Infrastructure and real assets manager Palisade Investment Partners has launched what the company is describing as “the next phase in its renewable energy investment strategy.” Named Intera Renewables, the new platform has initially aggregated five of Palisade’s operational renewable assets into a single entity with a common ownership, governance, management and financing structure – working toward scale and streamlining.
Conceptually similar to the platforms Octopus Australia launched in 2022, the offering seems to focus on building a diverse portfolio of renewable assets to create more stable, “derisked” returns for potential investors while generating funds to develop new projects.
Palisade currently owns and operates six wind farms and one solar farm spread across Australia’s east. These assets total nearly 1.5 GW of installed capacity, making Palisade one of Australia’s largest renewable energy investors.
Intera’s five seed assets include Hallett 1 Wind Farm and Snowtown 2 Wind Farm, both in South Australia, Granville Harbour Wind Farm in Tasmania, Macarthur Wind Farm in Victoria and Ross River Solar Farm in Queensland. These assets have a combined capacity of ~1 GW, and first 12-months EBITDA of ~$150 million (USD 100 million) per annum, according to Palisade. Presumably the platform will seek to invest in solar, storage and other non-wind projects shortly to diversify the technology of its assets.
Superannuation funds Hesta and Aware Super are existing partners in Palisade funds or assets, and are now transferring that position to a holding in the new Intera Renewables platform. The Australian government’s green bank, the Clean Energy Finance Corporation (CEFC), also has a stake in the platform, which is majority owned by Palisade’s Renewable Energy Fund, holding a 50% stake.
“In establishing Intera, Palisade has executed a $1.3 billion single portfolio financing facility secured against the combined pool of Intera assets, replacing existing individually financed asset level debt,” Roger Lloyd, CEO of Palisade, said.
Palisade Integrated Management Services will provide operational management services to Intera.
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