Australian infrastructure asset manager Palisade Investment Partners has successfully secured AUD 258 million (USD 171.4m/EUR 158m) in debt financing to support the expansion of its gigawatt-scale renewable energy platform, the company announced on Monday.
The 10-year credit facility aims to mitigate risks within the wind and solar power portfolio of Intera Renewables, enabling the entity to pursue its strategic objectives, Palisade stated.
Established over a year ago, Intera consolidates five operational renewable energy assets from Palisade, while also focusing on developing and constructing new projects across Australia. The platform's initial assets comprise four wind farms—Hallett 1 and Snowtown 2 in South Australia, Granville Harbour in Tasmania, and Macarthur in Victoria—alongside the Ross River solar farm in Queensland.
The newly acquired debt refinances a portion of an AUD-1.3-billion (USD 869m/EUR 802m) single portfolio financing facility obtained by Palisade upon Intera's launch in March 2023. This loan was underwritten by existing lenders MUFG Bank and Deutsche Bank AG.
Palisade's Renewable Energy Fund (PREF) holds a 50% stake in Intera, with the remaining 50% owned by a consortium of co-investors, including super fund Hesta, Aware Super, and the Clean Energy Finance Corporation (CEFC).
