Foresight Solar has received final approval for a $60 million solar portfolio refinancing in Australia.
ANZ and Deutsche Bank have provided the developer with a term facility of about A$59 million and a debt service reserve facility of approximately A$1 million.
The debt is used to finance the Oakey 1 and Longreach solar farms.
Foresight Solar believes that the refinancing pricing will be better than the present loan. The Portfolio will be mostly hedged for a period of up to ten years.
Following this transaction, and in addition to the Lorca refinance announced on March 29, 2022, the Company’s total outstanding debt is approximately £534 million, representing 45.6 percent of the Company’s and its subsidiaries’ Gross Asset Value (“GAV”), based on the Company’s GAV of £1,172.0 million as of December 31, 2021.