Allens has advised Energy Bay on a $215 million senior debt facility to assist funding the acceleration of its deployment of distributed energy infrastructure across a secured pipeline of embedded networks across Australia.
Energy Bay is one of Australia's leading full-service embedded network platforms, providing specialised behind-the-meter distributed energy infrastructure solutions to tier 1 landlords across commercial, industrial, and mixed-use real estate precincts across Australia.
The financing will support deployment of new solar PV generation, battery energy storage systems and embedded network infrastructure, delivering competitively priced electricity to underlying customers at the embedded networks it services.
The financing includes a new term loan, capex and working capital facilities provided by CBA, SMBC and Westpac.
'We are delighted to have assisted Energy Bay, and to have worked with its adviser, Barrenjoey and the lenders in implementing Energy Bay's inaugural external debt financing,' said lead partner Rob Watt.
'This funding will drive the expansion of Energy Bay's behind-the-meter energy generation and storage network across commercial, industrial and mixed-use real estate precincts and creates a flexible funding platform for Energy Bay to grow its service offering into broader real asset classes, making distributed energy infrastructure solutions like this a critical part of Australia's energy transition.'
The transaction builds on Allens' market-leading experience in the energy transition sector, with the firm advising Australian energy service providers on their corporate financings to support the energy transition. The firm recently advised on transactions for clients including CleanPeak Energy, Atmos Renewables, Neoen, Fotowatio Renewable Ventures, Global Power Generation Australia, CWP Renewables, and ACEN Australia, strengthening its position as a leading adviser for renewable energy financing in Australia.
