Allens advises Pacific Hydro on global funding platform

Allens has advised Pacific Hydro on the implementation of a new $670 million global funding platform to provide financing across a portfolio of renewable energy assets throughout Australia and Chile.

The platform establishes one of the first cross-border portfolio financings for renewable energy assets by an Australian company, covering more than 568 megawatts of large-scale renewable energy, including both hydroelectric plants and wind farms.

The transaction involved refinancing a number of project-financed assets into the new facility, including wind farms at Portland, Challicum Hills and Clements Gap in Australia, and Punta Sierra in Chile, along with hydroelectric plants at Coya and Pangal and Chacayes in Chile.

A multidisciplinary team at Allens advised on the due diligence requirements with respect to Pacific Hydro's mix of operating assets and development assets, working alongside local Chilean counsel, Bofill.

'We are delighted to have worked with Pacific Hydro on reaching financial close on this ground-breaking platform, and congratulate their team on achieving this outcome,' said lead partner Warwick Newell.

'We are looking forward to working with Pacific Hydro on an ongoing basis to assist the company with its growth mandate in the renewable energy market.'

The advice builds on Allens' extensive experience in the renewables sector, with the firm recently advising on the funding of on three large-scale solar farm projects, on the financing of a landmark portfolio of solar farms in Queensland and Victoria, the Manildra Solar Farm, the Powering Australian Renewables Fund, and the sale and project financing of the Silverton wind farm.

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