Pacific Hydro secures a $500 Million innovative global funding platform


Allens, Bofill Mir & Álvarez Jana, Gilbert + Tobin and Philippi, Prietocarrizosa, Ferrero have advised on the transaction

Pacific Hydro has implemented a multi-currency A$670 million equivalent global funding facility to finance a significant portion of the company’s international operating and development portfolio.

The innovative funding platform establishes one of the first cross-border portfolio financings for large-scale renewable energy.

The portfolio-style transaction involved the refinancing of a number of project-financed assets whilst providing additional capacity to expand the portfolio of assets in both Australia and Chile, where the company owns a number of hydro and wind assets.

The facility is funded by an international group of lenders which includes China Construction Bank, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited, and National Australia Bank Limited.

Pacific Hydro is currently developing renewable energy assets in Australia, Chile, and Brazil with the Punta Sierra (Chile) and Yaloak South (Australia) wind farms currently under construction.

Founded in Australia in 1992, Pacific Hydro is a global renewable energy owner, operator and developer. The company holds a high quality, diversified portfolio of 19 operating assets and an installed operating capacity of ~850 MW across Chile, Australia and Brazil. A further 100MW of projects are currently in construction, complemented by over 1.7 GW of development potential and a growing Australian retail business.

Allens has advised Pacific Hydro with Warwick Newell (Picture), Michael Ryan, Anna Collyer, Michael Graves, Helen Verrier, Liz Fernando, Fiona Potter, Kate Kelleher, Tristan Kelly, Harini Amarasinghe, Scott Joblin, Hamish McCormack and Adam Percy.

In Chile, Bofill Mir & Álvarez Jana has advised Pacific Hydro with Alejandro Álvarez, Guillermo Fonseca, José A. Velasco, Manuel Sánchez, Jorge Valenzuela and Francisca Díaz.

Gilbert + Tobin has advised China Construction Bank, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited, and National Australia Bank Limited with Simon Lynch, Daniel Yim, Andrew Kourpanidis, Liam Mulvey and Sarah McArthur.

Philippi, Prietocarrizosa, Ferrero DU & Uría has advised China Construction Bank, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited, and National Australia Bank Limited with Marcelo Armas, Marcela Silva, Daniel Parodi, Benjamín Cuevas, Sergio Rodríguez and Vicente Vergara.

Involved fees earner: Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi – Philippi Prietocarrizosa Ferrero DU & Uría; Benjamín Cuevas – Philippi Prietocarrizosa Ferrero DU & Uría; Sergio Rodríguez – Philippi Prietocarrizosa Ferrero DU & Uría; Vicente Vergara Campusano – Philippi Prietocarrizosa Ferrero DU & Uría; Alejandro Álvarez – BMAJ Bofill Mir & Alvarez Jana Abogados; José Antonio Velasco – BMAJ Bofill Mir & Alvarez Jana Abogados; Manuel Sánchez – BMAJ Bofill Mir & Alvarez Jana Abogados; Francisca Díaz – BMAJ Bofill Mir & Alvarez Jana Abogados; Guillermo Fonseca – BMAJ Bofill Mir & Alvarez Jana Abogados; Jorge Valenzuela – BMAJ Bofill Mir & Alvarez Jana Abogados; Simon Lynch – Gilbert + Tobin; Daniel Yim – Gilbert + Tobin; Andrew Kourpanidis – Gilbert + Tobin; Warwick Newell – Allens; Michael Ryan – Allens; Anna Collyer – Allens; Michael Graves – Allens;

Law Firms: Philippi Prietocarrizosa Ferrero DU & Uría; BMAJ Bofill Mir & Alvarez Jana Abogados; Gilbert + Tobin; Allens;

Clients: Industrial and Commercial Bank of China; Commonwealth Bank of Australia; China Construction Bank Corp.; National Australia Bank; DNB Bank ASA; Pacific Hydro Pty Ltd;

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Author: Michael Patrini