Globeleq’s $353 Million Debt Refinancing Package

Norton Rose Fulbright advised Globeleq on the matter.

Globeleq refinanced three of its renewable energy projects – the 50MW De Aar and 50 MW Droogfontein solar plants and the 138MW Jeffreys Bay wind farm. This was the second refinancing of renewable assets under the Independent Power Producer Office (IPPO) Refinancing Protocol.

Absa Bank acted as the mandated lead arranger and sole underwriter of the R5.2 billion (+-$353 million) debt financing package.

The purpose of the refinancing was to enhance the projects’ capital structures, allowing for the release of value to shareholders and accelerating distributions to the community trust shareholders. The refinancing has also reduced the tariff, which will save Eskom more than R1 billion over the remaining term of the PPA’s. Globeleq hopes to eventually refinance the entire portfolio of assets it owns in South Africa.

Financial close was reached early last week, with the funds flowing last Tuesday, 3 August 2021.

The Norton Rose Fulbright’s team was led by Jackie Midlane (Picture), director and head of Banking and Finance, and supported by Nicole Goate (Associate), Tshego Rammutla (Associate), Darragh Meaker (Associate Designate), Roxanne van Rooyen (Associate Designate), Olivia Radford (Associate Designate), Devan Falconer (Candidate Attorney) and Uzair Bulbulia (Candidate Attorney).

Involved fees earner: Nicole Goate – Norton Rose Fulbright; Jackie Midlane – Norton Rose Fulbright; Tshego Rammutla – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: Globeleq;

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