National Australia Bank has raised A$205 million (US$157 million) in the United States markets to finance the 71.4-megawatt Hallet Hill 2 wind farm in South Australia.
The project is wholly owned by the Energy Infrastructure Trust which is managed by Infrastructure Capital Group. The funding for the 34-turbine project came entirely from US investors through a private placement.
“This Hallett Hill bond follows our A$300 million climate bond in December last year – another Australian first – and puts NAB firmly at the forefront of product innovation and environmental financing,” said NAB Executive General Manager for Capital Financing Steve Lambert.
The funds will be utilised to fully refinance its existing syndicated bank facilities and provides the project with long dated maturities not typically available in the Australian market. The project has a 25‐year power-purchase agreement with AGL Hydro whose obligations are guaranteed by its parent AGL Energy.