We are pleased to announce that the Hallett Hill No. 2 Wind Farm (HHWF) has successfully refinanced its $86 million bullet facility. Completion occurred on 26 April 2013, ahead of the scheduled refinance date of July 2013.
Craig Whalen, director of ICG noted that ‘The bank debt environment has significantly changed since 2008, with several prominent international lenders withdrawing from the market and Australian lenders being more circumspect as to which project they support. As part of the refinancing consideration was also given to HHWF’s long-term interest rate swaps, which were put in place in 2008. We are pleased with the refinancing outcome as competitive margins were able to be achieved without disrupting HHWF’s existing financing structure’.
Hallett Hill is a 71.4MW wind farm located 220km north of Adelaide in the Hallett Hill ranges. It was acquired by EIT in August 2008 and commenced operations in March 2010.