Potentia Energy secures $830 million financing to support portfolio growth

Potentia Energy, previously known as Enel Green Power Australia and a joint venture entity co-owned by Italian clean energy developer Enel Green Power and Japan-headquartered oil and gas giant Inpex, has completed an approximately$830 million (USD 553 million) diversified portfolio financing package.

Supporting its operating renewable energy utility-scale solar, hybrid battery and wind assets plus the delivery of six new projects across Australia, comprising more than 600 MW capacity, the debt financing is provided by a group of seven major Australian and international financial institutions.

The institutions are the Bank of China, BNP Paribas, The Hongkong and Shanghai Banking Corporation Limited, Mizuho Bank, Societe Generale, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation.

Citi acted as financial advisor on the transaction, Allens as legal advisor for Potentia Energy and Ashurst as legal advisor for the lenders.

Allens Partner Lisa Zhou said the finance is a transformational transaction for Potentia Energy – and its sponsors, Enel and Inpex – in consolidating and optimising its financing for its Australian renewables investments.

“It also reflects the continued evolution of the Australian renewables market, as sponsors and financiers move towards portfolio structures and platforms that enhance scalability, efficiency and diversification across technologies,” Zhou said.

Across Australia, Potentia Energy is currently operating over 800 MW of renewable energy assets, which include the 275 MW Bungala Solar Farms 1 and 2, 34 MW Cohuna Solar Farm, 93 MW Girgarre Solar Farm, 40 MW Greenough River Solar Farm, 23 MW Royalla Solar Farm, 128 MW Clare Solar Farm, and the 98MW Quorn Park Solar and battery energy storage system (BESS) Project, with construction underway on a further 200 MW of capacity, and has rights secured for a development pipeline of over 8 GW.