KWM advises lenders on Pacific Energy refinancing

King & Wood Mallesons (KWM) is delighted to have acted for the lender group on the refinancing of Pacific Energy. This significant transaction involved a successful A$1.6 billion debt refinancing, with $550 million of the syndicated facility specifically allocated to green loan tranches. Pacific Energy, owned by QIC’s Global Infrastructure Fund, is a prominent player in Australia’s sustainable energy sector, boasting a contracted capacity of 946MW across 48 sites. The company focuses on integrating renewable energy sources, such as wind, solar, battery energy storage, and green hydrogen, to minimise emissions and enhance efficiency in remote power systems.

KWM collaborated with 15 domestic and international banks from Australia, Asia, and North America to complete this diverse refinancing initiative. The lender group included seven new lenders—Société Générale, ANZ, Export Finance Australia, DNB Bank, China Construction Bank, Bank of Communications, and DBS—joining existing members such as Westpac Banking Corporation and National Australia Bank. This collaborative effort allows Pacific Energy to further its energy transition and capitalise on forthcoming development projects in Western Australia and on the East Coast.

KWM’s deal team, led by partners Amy Maguire and Claire Rogers, was supported by solicitor Yasmin Frost and law graduate Leilani Hunt. This refinancing deal builds on KWM's extensive portfolio in the energy transition sector and large syndicate debt refinancing. Partner Amy Maguire expressed satisfaction with the deal, stating "It was rewarding to assist the syndicate of 15 international and domestic lenders for Pacific Energy’s successful refinancing. KWM looks forward to furthering its active involvement in the growing energy transition financing market."