Global Power Generation's Crookwell 2 wind farm in Australia
    Global Power Generation's Crookwell 2 wind farm in Australia

    Energy

    Unlocking capital for a major developer of large scale Australian renewable projects

    Macquarie Capital acted as financial adviser and debt arranger to GPG on the ~$A2.3 billion portfolio financing of its Australian renewable energy portfolio

    Sector Energy
    Sub-sector Renewables
    Location Australia

    Opportunity

    In the rapidly evolving renewable energy sector, it has become essential for developers to establish flexible finance platforms to optimise their capital structures and fund their upcoming project pipelines.

    Timely funding and delivery of these projects is important to helping Australia meet its renewable energy targets.

    Global Power Generation Australia (GPG) is a subsidiary of Spain’s Naturgy Group and Kuwait Investment Authority’s Wren House Infrastructure and is a developer of sustainable energy solutions globally, with installed capacity of 5 GW across eight countries.1

    Macquarie Capital was engaged by GPG to advise on the establishment of a portfolio financing to optimise the capital structure of GPG’s Australian assets, introduce new lender relationships to diversify its funding base and establish a funding platform to assist in financing its renewable development pipeline.

    Approach

    GPG’s assets included brownfield, greenfield and late-stage developments in wind, solar and battery energy storage systems (BESS), with a combined installed capacity of more than 1.8 GW.2

    Macquarie Capital developed a business plan with GPG to aggregate the assets into a single portfolio financing.

    With Macquarie Capital’s deep sector understanding and previous portfolio financing experience we were able to bring market-leading financing and operational improvements to the transaction, including arranging a best-in-class debt package from a diversified base of 11 leading project finance lenders.

    Outcome

    Significant benefits were derived by GPG from the innovative portfolio financing structure including improved economics, increased business flexibility and an enhanced covenant package.

    This has the dual benefits of improving financial outcomes for GPG whilst also providing a debt funding platform to support the future growth ambitions of GPG in Australia on improved financing terms.

    This transaction continues Macquarie Capital's leading market position in structuring and arranging portfolio financings for owners of Australian renewable energy assets and builds upon our recent successful portfolio financings in Australia, having raised ~$A7.6 billion of debt over the past 24 months for renewables portfolios.3

    1.8 GW

    combined installed capacity2

    ~$A2.3 billion

    portfolio financing of Australian renewable energy portfolio2

    758 MW wind, 818 MW solar, 245 MW BESS

    diversified asset portfolio2

    ~$A7.6 billion

    raised for renewable portfolio financings in last 24 months3

    1. Our geographical presence, Feb 2025
    2. Naturgy obtains A$2.3 billion financing to support the development of its Australian project portfolio, Feb 2025
    3. As at February 2025

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