Palisade secures new financing for Intera renewables push

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Sydney-based investor Palisade Investment Partners said it has landed $258 million (USD 170 million) in non-recourse project financing that will support the growth of renewable energy platform Intera Renewables’ approximately 1 GW solar and wind power portfolio.

Intera was launched by Palisade last year to manage its operational renewable energy assets and develop and build new solar and wind projects across Australia.

The platform’s seed assets include Palisade’s stakes in the 116 MW Ross River solar farm in Queensland, and four wind farms, namely Hallett 1 and Snowtown 2 in South Australia, Granville Harbour in Tasmania and Macarthur in Victoria.

Palisade said the new 10-year credit facility will help de-risk the wind and solar power portfolio and allow Intera to expand its renewable energy footprint through the development and construction of new projects.

Palisade Executive Director Simon Parbery said new debt refinances a tranche of an $1.3 billion portfolio financing. The new loan was underwritten by existing lender MUFG Bank and Deutsche Bank AG.

“The refinancing represents a major achievement for Intera and is a natural evolution of the platform’s capital structure following its establishment,” Parbery said.

“The facility significantly de-risks Intera’s financing profile over the long-term, while at the same time achieving attractive pricing and terms, leading to enhanced equity returns for investors.”

Palisade owns a 50% stake in Intera, while the remaining 50% is held by a group of co-investors that includes the Clean Energy Finance Corporation (CEFC), and superannuation heavyweights Aware Super and HESTA.

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