This milestone marks a significant step forward in Pacific Energy’s commitment to providing clean energy solutions and supporting Australia’s transition to a sustainable future.
Of the total debt facility, 50% ($175 million) has been allocated as a green loan tranche, specifically designated to finance renewable energy projects that meet Pacific Energy’s Green Finance Framework criteria.
This framework has been established to fund projects that not only deliver environmental benefits but also align with Pacific Energy’s business strategy and vision of becoming Australia’s leading provider of clean energy solutions.
This latest debt facility follows Pacific Energy’s successful debt refinance in August 2022, which saw the overall facility limits increase from $500 million to $860 million.
This new facility has also resulted in the expansion of its lending group with the addition of two top tier lenders joining the existing strong syndicate.
With the completion of this additional debt facility, Pacific Energy’s total debt will increase to $1.21 billion, providing the necessary financial resources to support its ambitious growth plans.
The company’s CEO, Jamie Cullen expressed enthusiasm for the inclusion of the new lenders, stating, “We are pleased to be able to include an additional two high-quality lenders to the mix, and to strengthen our overall lending group. This positions us well to meet the demands of a continued strong pipeline of projects, particularly with a high focus on renewable energy.”
Pacific Energy’s commitment to decarbonisation and sustainable energy solutions has been a driving force behind its success.
By securing this new debt facility, together with the ongoing support of QIC and its institutional shareholders, the company is well-positioned to accelerate the development and implementation of renewable energy projects that will contribute to a cleaner energy future for Australia.
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