HIGHLIGHTS
- Final credit approvals received for a
- The debt facility follows recent positive development at BBP including the signed offtake agreement with
- The BBP is set to be one of the first standalone large-scale Battery Energy Storage Systems in
- Genex has also today executed a Cooperation Agreement with Infradebt whereby both parties have agreed to work together to finance further merchant battery energy storage projects in
Infradebt is a specialist infrastructure project finance fund manager/financier. Infradebt has a core focus on the renewable energy/decarbonising real assets space, having financed 27 projects since inception. Infradebt is the manager of the
The loan provides for a fixed interest rate over a tenor extending 12 years from the commencement of operations, scheduled for 2H CY 2023. Importantly, the debt facility provides leverage against both the fixed and floating revenue streams under the offtake arrangements with
Genex will now be working through the final conditions precedent with Infradebt, executing the Loan Documentation and taking the Project to financial close.
COOPERATION AGREEMENT
In addition to the receipt of final credit approvals, Genex has also today executed a Cooperation Agreement with Infradebt. Under the terms of the Cooperation Agreement, the parties have agreed to continue to work together to finance further battery energy storage projects in
By committing to work together on merchant battery projects, the Cooperation Agreement will enable Genex to continue to expand its battery project portfolio utilising innovative offtake and financing structures. Importantly, the Cooperation Agreement will facilitate significant project finance leverage for such battery projects, allowing Genex to continue to retain upside from the emerging economics of energy storage.
Commenting on today's announcement,
"We are extremely pleased to have reached an agreement with Infradebt for the
The Cooperation Agreement provides a mechanism to facilitate future cooperation between Infradebt and Genex as we continue to expand our battery portfolio, allowing us to retain upside through innovative offtake arrangements while continuing to maximise leverage and project economics.
We look forward to closing out the final workstreams with Infradebt and our other project stakeholders to take the project to financial close shortly."
About Infradebt
Infradebt is a specialist fund manager providing clients with direct access to infrastructure private debt markets. Infrastructure debt benefits from the stable and secure revenue streams inherent in the asset class. There is a natural alignment between long-term investment horizons of superannuation funds and the borrowing needs of infrastructure projects.
Infradebt has an experienced team with decades of global infrastructure investment experience. We have invested across the capital structure and through market cycles. As an independent manager owned by its senior staff, our interests are aligned with the long-term returns we deliver for our investors. Our focus is simple, we deliver secure yield.
About
Contact:
Chief Executive Officer
Tel: +61 2 9048 8855
Email: jh@genexpower.com.au
Executive Director
Tel: +61 2 9048 8852
Email: sk@genexpower.com.au
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