Natixis Investment Managers International has invested in the refinancing of a 317MW wind farm in South Australia on behalf of Asahi Life. The A$610m financing of the wind farm has been operational since 2017, carries an initial maturity of 22 years but amortizes over its life, resulting in a weighted-average life of 9.8 years. Over that time, Asahi will receive a coupon around 2% over the Australian short-term lending rate (BBSW) tat steps up over the life of the loan. The loan has no public rating, but is internally rated investment-grade by Natixis IM’s internal credit methodology.
Alistair Ho, Head of Private Debt, APAC, Natixis Investment Managers International, says: “This investment, made in January, was the first after we signed a [co-lending] mandate with Asahi Life in December 2020. The client has an increasing focus on ESG, has experience investing in wind and solar farms, and wanted to invest in brownfield site where risks are more visible. We found a great first asset in a great jurisdiction for them, which has a strong framework both legally and in terms of regulation. Australia also has a relatively long history of renewable energy infrastructure.”
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