Fotowatio Renewable Ventures (FRV) Australia, a developer of sustainable energy solutions and a subsidiary of Jameel Energy and Canadian infrastructure fund Omers, has successfully closed a refinancing deal for its entire portfolio of operating and under-construction assets, which includes eight photovoltaic plants with a combined installed capacity nearing 1 gigawatt.

The A$1.2 billion (US$782.53 million) refinancing package, FRV says, ensures continued financial support for all existing plants and lays a solid foundation for the development of future projects.

The debt package includes a term loan to refinance current debt, a letter of credit facility and a working capital facility to support FRV Australia’s development activities nationwide.

The transaction was advised by Macquarie Capital and involved eleven financial institutions: ING Bank, Westpac, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank and Agricultural Bank of China.

“This refinancing not only secures the future of our current operations,” says Carlo Frigerio, FRV Australia’s CEO, “but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia.”

The refinancing encompasses all of FRV Australia’s operating and under-construction plants, which include Lilyvale, Moree, Sebastopol, Goonumbla, Metz, Winton, Walla Walla and Dalby.