We are pleased to announce that RATCH-Australia Corporation Pty Ltd achieved financial close on 2 March 2023 for its 2 and 7 year dual tranche $197 million non-recourse fully amortising syndicated debt facility. This debt facility refinanced the two gas fired power stations located at Townsville (242MW) in Queensland and Kemerton (310MW) in Western Australia. These generators provide efficient low carbon dioxide emitting base load and firming electricity which is supporting Australia’s transition to renewable energy and net zero.
The debt financing was provided by a lending syndicate comprising ING, MUFG, SMBC Group, Standard Chartered Bank and Societe Generale. The term of each tranche of the debt facility matches the expiry date of the existing Power Purchase Agreements (2025 for Townsville and 2030 for Kemerton) whilst providing the flexibility to RATCH-Australia to enter new offtake agreements and re-lever the assets, subject to customary consents from lenders.
Polagorn Kheosiplard, Chief Executive Officer of RATCH-Australia, said “this transaction removes refinancing risk for these assets and enables RATCH-Australia to adapt and evolve its renewable and gas power generation portfolio to provide the energy and grid security that Australia’s decarbonising economy needs.”
RATCH-Australia was assisted by RBC Capital Markets as our financial adviser, Squire Patton Boggs as borrower’s counsel, Jacobs Group as technical adviser, PwC as tax adviser and JPA Financial Modelling as model auditor. The lenders were advised by Corrs Chambers Westgarth.
RATCH-Australia thanks the advisory team of for their hard work and dedication, which delivered this outcome.
