Pacific Energy boosts debt facility to fund roll out of remote and off-grid renewable systems

Perth-based provider of sustainable distributed energy Pacific Energy has completed a new $350 million debt facility, increasing its total funding capacity to $1.2 billion for remote and off-grid renewable energy systems.

Pacific Energy bills itself as an Australian market leader in sector, having built 93 power stations totalling over 1.1GW. Currently, the company has 900MW under contract consisting of a variety of generation sources including solar, wind, battery, diesel, and gas.

Among these projects are four hybrid solar, battery, and gas systems with a combined capacity of 82MW which were completed last month at four goldmines operated by West Australian gold producer Westgold – Tuckabianna, Bluebird, Fortnum, and Big Bell.

Pacific Energy this week said half of the new $350 million debt facility has been allocated as a green loan tranche specifically designed to finance renewable energy projects.

 These projects must meet Pacific Energy’s Green Finance Framework criteria which has been established to fund projects delivering both environmental benefits but which also align with the company’s business strategy and vision of becoming a leading provider of clean energy solutions in Australia.

“This positions us well to meet the demands of a continued strong pipeline of projects, particularly with a high focus on renewable energy,” said Jamie Cullen, CEO of Pacific Energy.