Sustainable distributed energy firm Pacific Energy has announced its successful completion of a new AUD$350 million debt facility, with the aim of boosting its decarbonisation initiatives.
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Of the total debt facility, 50% (AUD$175 million) has been allocated as a green loan tranche, specifically designated to finance renewable energy projects that meet Pacific Energy’s Green Finance Framework criteria.
This framework has been established to fund projects that not only deliver environmental benefits but also align with Pacific Energy’s business strategy and vision of becoming Australia’s leading provider of clean energy solutions.
This latest debt facility follows Pacific Energy’s successful debt refinance in August 2022, which saw the overall facility limits increase from $500 million to $860 million. This new facility has also resulted in the expansion of its lending group with the addition of two top tier lenders joining the existing strong syndicate.
With the completion of this additional debt facility, Pacific Energy’s total debt will increase to $1.21 billion, providing the necessary financial resources to support its ambitious growth plans.
Pacific Energy CEO Jamie Cullen said, “We are pleased to be able to include an additional two high-quality lenders to the mix, and to strengthen our overall lending group.
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“This positions us well to meet the demands of a continued strong pipeline of projects, particularly with a high focus on renewable energy.”
