Law firm Allens advised the lenders on the refinancing. Allens co-lead partner Tim Stewart said the transaction reflected a broader pattern among developers with maturing asset portfolios.
“As portfolios mature, sponsors are increasingly seeking opportunities to further streamline and build flexibility into their debt platforms to allow for future growth and diversification,” he said.
Allens previously advised lenders on the portfolio’s original financing structure in 2023, as well as on financing the 414MW Uungula Wind Farm.
HSF Kramer project finance partner Gerard Pike said the refinancing was structured to create a more flexible non-recourse financing platform ahead of Squadron Energy’s upcoming renewable energy and storage projects.
“This financing is another evolution in the market to facilitate bringing these new projects into construction as efficiently as possible,” he said.
