The Australian Renewables Income Fund (ARIF), a renewable energy fund managed by Foresight Group, has raised AU$700 million (US$779 million) in a debt refinancing transaction to refinance existing projects and enhance portfolio diversification.
The AU$700 million facility includes an AU$620 million term loan and an AU$80 million multi-purpose facility, backed by bank companies ANZ, Westpac, Mizuho, HSBC and Bank of China. RBC Capital Markets acted as the exclusive financial advisor to ARIF, while White & Case served as legal counsel.
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According to the firm, the portfolio refinancing consolidates debt from ten operating renewable projects, offering better pricing, larger debt capacity, and greater flexibility than existing project financing, while creating a platform for continued investment in clean energy.
“This refinancing marks a significant milestone for ARIF, reinforcing the strength and scale of our operating portfolio and establishing a funding platform to support future growth,” said Daniel Beaver, portfolio manager of ARIF.
ARIF, which came under the management of Foresight following its July 2022 acquisition of Infrastructure Capital Group (ICG), now oversees a broad and diversified portfolio comprising 787MW of operational renewable energy assets spanning wind, hydro and solar, along with a pipeline of development opportunities.
