Genex said the new facility has been financed by existing lenders Deutsche Zentral-Genossenschaftsbank (DZ BANK) and Westpac Banking Corporation, demonstrating their continued confidence in the solar projects and Genex.
Genex was able to secure more favourable financing terms than the existing facility due to the strong operating track record at Jemalong Solar Project in New South Wales, and the Kidston Solar Project (KS1) at the company’s Clean Energy Hub in Kidston, North Queensland.
The new senior facility enables Genex to fully repay the subordinated loan facility with Infradebt and therefore streamline its capital structure. The interest rate on the new senior facility is 95% hedged, at favourable rates until 2030 with a maturity
date of 27 June 2029. The existing senior facility was maturing on 17 December 2024.
Genex Chief Executive Officer Craig Francis said, “we are delighted to have successfully refinanced our existing senior and subordinated debt facilities on favourable terms, reflecting the strong operating performance of our solar projects.”
“This refinancing not only strengthens our financial position but also enables us to continue our commitment to sustainable energy development in Australia.”
“The continued support of our banking partners demonstrates the confidence financiers have in Genex’s ability to develop, construct and operate high quality assets. I would like to thank our key stakeholders and advisers for their support in assisting us to complete this transaction.”
Genex was advised by MUFG Advisory and Allens for the transaction.
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