Allens has advised Zenith Energy, a leading independent power producer, on its successful debt financing process, which will deliver $440 million in five-year syndicated debt facilities to support new generation projects.
All existing debt facilities were refinanced, with Zenith entering into new debt facilities with Westpac Banking Corporation, National Australia Bank, Sumitomo Mitsui Banking Corporation, BNP Paribas, Australia and New Zealand Banking Group, and Aware Super.
The available growth capital expenditure limits under the facilities will support new generation projects, as well as growth in Zenith's urban and remote microgrid segment.
Zenith currently holds more than 500MW capacity under contract or in development, playing a significant role in energy transition for the resources sector.
'It is immensely pleasing to support Zenith Energy to secure capital expenditure funding for the development of its future projects, particularly given the increasing complexity of remote power solutions,' said lead Partner Ben Farnsworth.
'As reflected in this refinancing, there is an enormous appetite among financiers to assist companies in participating in energy transition, which shows no sign of abating.'
Allens legal team
Ben Farnsworth (Partner), Rod Aldus (Managing Associate), Tania Joppich (Senior Associate), Madeleine Ninkov (Lawyer), Cassie Chu-Yu-Chee (Lawyer)