Pacific Hydro raises $670m in multi-currency facility to fund wind, solar | RenewEconomy

Pacific Hydro raises $670m in multi-currency facility to fund wind, solar

Pacific Hydro looks to fund new wind, solar and hydro developments with multi-currency fund raising.


Pacific Hydro, the Australian-based renewable energy developer and operator now owned by a Chinese state company, says it has raised $670 million in a rarely used “multi-currency” facility to help finance new and existing projects in Australia and Chile.


Pacific Hydro is currently building the 28.7MW Yaloak South wind farm west of Melbourne, but has numerous other projects in the pipeline, including several wind farms and the massive 500MW Haughton solar farm in north Queensland.

It is also looking to develop new wind farms in Chile, where many of its wind and hydro assets are based, and in Brazil.

Pacific Hydro CEO Mike Fuge said in a statement that the innovative funding platform establishes one of the first cross-border portfolio financings for large-scale renewable energy.

“We are proud to be one of the first examples of such a major cross-border arrangement; this deal is a great demonstration of the power of global lending partnerships,” he said.

The facility will be used to refinance a number of project-financed assets and add capacity to expand the portfolio of assets in both Australia and Chile, where the company owns a number of hydro and wind assets.

The facility is funded by the Commonwealth bank of Australia and National Australia Bank, along with China Construction Bank,  Industrial and Commercial Bank of China Limited, and DNB Asia.

The company, which was bought by State Power Investment Corporation of China last year, has wind and hydro capacity totalling around 850MW across Australia, Chile and Brazil, around 100MW under construction and another 1.7GW in the development pipeline.

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  1. john 4 years ago

    I wonder how come Adani could not get such funding?
    Perhaps the banks looked and realized the future was bleak perhaps.
    My feelings are that a bank looking at the cost of energy to a facility and it is zero just tells them unless the company puts in place useless technology that it is a no brainer.
    Putting in useless technology is also precluded because in the business case the tech is disclosed and vetted, therefore removing the risk of a bad investment.
    As to Adani cost of its energy high, market price below cost conclusion a total dud.

    • Alastair Leith 4 years ago

      Coal has zero social licence left anywhere in the world. That’s not bankable for a 20-35 year finance deal. In 35 years we’ll have a good idea if we cooked the planet and melted the three poles entirely.

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