The Australian Renewables Income Fund (ARIF) has announced the successful completion of a $700 million (USD 454 million) portfolio debt refinancing transaction to refinance its existing projects and help build its portfolio of solar, wind and storage assets.
ARIF Portfolio Manager Daniel Beaver said proceeds from the transaction will be used to refinance existing debt across its portfolio of 10 operating renewable energy projects and support the company’s growing development pipeline to further enhance portfolio diversification.
“This refinancing marks a significant milestone for ARIF, reinforcing the strength and scale of our operating portfolio and establishing a funding platform to support future growth,” he said.
“ARIF aims to continue investing in high-quality businesses and assets supporting the energy transition across Australia and New Zealand, while maintaining our commitment to delivering attractive returns for our investors.”
ARIF, which came under the management of Foresight following its July 2022 acquisition of Infrastructure Capital Group (ICG), said its portfolio of operational renewable energy assets include solar, wind, and hydro assets totaling 787 MW and a pipeline of development opportunities.
The company’s assets include the Ginan Solar Portfolio, comprising 74 MW of small operational solar farms in Victoria and New South Wales and a further 138 MW in development, and a 75% interest in the Australian Renewables Energy Trust (ARET) platform with Engie ANZ that is to develop a pipeline of more than 2.3 GW of renewables projects.
The new debt refinancing facility comprises a $620 million term loan and an $80 million multi-purpose facility, provided by a syndicate of domestic and international banks including ANZ, Westpac, Mizuho, HSBC, and Bank of China.
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