Genex Power has successfully refinanced its existing debt for two key solar projects in Queensland and New South Wales, securing a new facility worth AUD 162 million (USD 108.5m/EUR 101.1m).
The refinancing transaction, announced by Genex on Friday, pertains to the 50-MW Kidston solar project in North Queensland and the 50-MW Jemalong photovoltaic (PV) scheme in New South Wales.
According to the company, the new five-year senior facility was arranged with its existing lenders Deutsche Zentral-Genossenschaftsbank (DZ BANK) and Westpac Banking Corporation.
The refinancing also includes additional debt proceeds aimed at fully repaying an existing subordinated loan facility from Infradebt, scheduled to mature on December 17, 2024, thereby optimizing Genex's capital structure.
The newly secured debt is set to mature on June 27, 2029, offering more favorable financing terms compared to the company's previous credit facility, as stated in Genex's announcement.
Both the Kidston and Jemalong solar parks have been contributing electricity to the National Electricity Market since their commissioning in 2017 and 2021, respectively.
