QIC’s remote power play, Pacific Energy, is cashed-up and ready to spend big on its pipeline of renewable energy power stations after landing a fresh debt facility.
The deal has seen Pacific Energy rule off a new $350 million debt facility, taking its total facility to $1.2 billion. This comes off the back of aTwo new lenders have joined the group – Oversea-Chinese Banking Corporation and Metrics Credit Partners – taking Pacific Energy’s lending syndicate to nine.
Half, or $175 million, of the latest financing has been roped off for green loans. Pacific Energy will use this tranche to finance renewable energy projects that meet its green finance framework. Fresh funds will be used to bankroll Pacific Energy’s pipeline of remote power stations, working largely with miners and state utility providers. The projects are largely made up of renewables and hybrid microgrids, which can combine solar, wind and battery energy storage systems with thermal back-up..