Big four, Japanese banks circle GPG Renewables’ $1.6b refinancing

GPG Renewables Australia, the 4.7-gigawatt renewable platform that parked its $4 billion sale last month, is marching ahead with a $1.6 billion debt refinancing.Sources said GPG is in advanced discussions with several banks to come in on a $1.1 billion refinancing of its existing facilities, and is aiming to reach the finishing line by June 30. In tandem, it has put a circa $500 million new-money deal to lenders to bankroll construction at projects.

GPG was already in discussions with bank lenders, including the Aussie Big Four and Japanese lenders, as part of a $2 billion staple debt package being put together by Macquarie Capital for the bidders. It is understood Macquarie Capital and GPG’s sale adviser, Morgan Stanley, pivoted from the takeover financing to the current deal when owners Wren House Infrastructure and Naturgy cancelled the sale.

Of note, the refinancing is being done at a platform level, instead of seeking debt for individual solar and wind farms. The structure is relatively new in Australia, and comes after Squadron Energy, Igneo Infrastructure Partners’ Atmos Renewables and Palisade Investment Partners’ Intera Renewables have all refinanced their renewables holdings in one hit instead of on an asset-by-asset basis.

GPG Renewables was set to be the biggest renewables auction in Australia since Andrew Forrest paid $3 billion-plus for CWP Renewables . It attracted a decent crowd of bidders including French giant TotalEnergies, Petronas’ renewables arm Gentari, Dutch pension fund APG, Igneo Infrastructure Partners, and Octopus Investments Australia. However, the non-binding indicative offers disappointed the vendors.

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