Naturgy Secures AUD 2.3bn Financing to Boost Australian Renewable Projects

Spanish utility Naturgy Energy Group SA (BME:NTGY) on Monday said that it has secured a financing facility of AUD 2.3 billion (USD 1.49bn/EUR 1.42bn) for its renewable energy portfolio in Australia.

The financing, provided by 11 international banks, will bankroll assets held by Naturgy’s majority-owned vehicle, Global Power Generation (GPG), dedicated to developing renewables in Australia and Latin America.

The facility is structured to cover the needs of a 1.8-GW-plus portfolio: six wind farms, a standalone battery energy storage system, and a solar-plus-storage plant in operation, two solar farms under construction, and a solar-plus-storage project in development.

At the end of 2024, GPG will have 1 GW of operational plants, 360 MW under construction and 510 MW of projects in ready-to-build stage, Naturgy said.

“With this transaction, Naturgy strengthens its liquidity and provides GPG's business in Australia with the necessary resources to ensure its development,” the utility said in a statement.

The latest jumbo financing comes right after the Spanish group agreed on a EUR-1-billion (USD 1.05bn) loan with the European Investment Bank (EIB) and immediately borrowed the first tranche of EUR 400 million for its renewables in Spain.

(AUD 1.0 = USD 0.649/EUR 0.617)

(EUR 1.0 = USD 1.053)