Tilt Renewables Limited (TLT) has achieved a project financing package for the operational Snowtown 2 Wind Farm asset.
The package includes a 5‐year non‐recourse project finance A$UD616 million (US$420.5 million) term debt facility that has been fully drawn down after being funded by Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, National Australia Bank Ltd, MUFG Bank Ltd, Credit Agricole CIB Australia, Societe Generale, BNP Paribas and Westpac Banking Corp.
The proceeds of the debt were used to retire AUD483 million (US$329.7 million) of existing TLT portfolio debt facilities.
The refinancing of the Snowtown 2 Wind Farm into a standalone project finance structure has taken advantage of a wider capital management opportunity associated with the maturing tranche of debt and enables several potential outcomes from the strategic review of the asset, which is currently underway. No decision associated with that strategic review has been made at this time.
TLT has been supported by MUFG Advisory on this transaction.
