Allens has advised the lenders to Squadron Energy on the refinancing of Squadron's renewable energy portfolio, with Macquarie Capital as financial adviser. With ~2GW of projects in operation or under construction and diversified across Australia, the refinancing secured total debt commitments of over $2.7bn and involved refinements to the debt package to further optimise its structure and terms.
'This transaction is a good example of sponsors refinancing and optimising existing portfolio financing arrangements. As portfolios mature, sponsors are increasingly seeking opportunities to further streamline and build flexibility into their debt platforms to allow for future growth and diversification,' said co-lead partner Tim Stewart.
'The success of this transaction demonstrates the quality and maturity of the underlying assets and the willingness of lenders to support portfolios with strong operational assets that are diversified across geographies. After advising on the original portfolio financing, we were delighted to once again support the lenders to achieve another significant milestone on this landmark portfolio,' said co-lead partner Lisa Zhou.
The transaction builds on Allens' longstanding involvement with the financing platform. Allens previously advised the lenders on the establishment of the original portfolio financing structure and on the financing of the 414MW Uungula Wind Farm.
Allens legal team
Project Finance
Tim Stewart (Partner), Lisa Zhou (Partner), Mark Hakeem (Senior Associate), Sharon Chen (Associate) and Nola Tidy (Graduate Trainee).