- Intera Renewables was made public on the 28th february 2023.
- Intera will pursue organic growth while attempting to offer consistent investor returns supported by the operating portfolio.
On Tuesday the introduction of Intera Renewables was made public. A platform for renewable energy that will group five of the Australian infrastructure asset manager Palisade Investment Partners’ operational renewable energy assets with a total capacity of around 1 GW.
The company noted that it is producing a large amount of renewable energy at a time when the energy sector is experiencing “unprecedented” momentum, which is being fueled by the retirement of fossil fuel power in addition to ambitious net zero ambitions for the Australian economy.
Four wind farms, Hallett 1 and Snowtown 2 in South Australia, Granville Harbour in Tasmania, Macarthur in Victoria, and the Ross River solar farm in Queensland are among the seed assets for the new platform.
With an emphasis on creating and building new renewable energy projects, Intera will pursue organic growth while attempting to offer consistent investor returns supported by the operating portfolio.
Palisade has swapped out the individual asset loans for a $869 million single portfolio financing facility that is backed by the total portfolio of Intera. The new portfolio facility delivers “better financing conditions and greatly greater flexibility to utilize debt funds for strategic reasons” by taking advantage of Intera’s contracted and regionally diversified cashflows, according to the company’s statement.
The Palisade Renewable Energy Fund (PREF), which will hold a stake of about 50%, the Palisade Diversified Infrastructure Fund (PDIF), Palisade direct investment clients, HESTA and the Clean Energy Finance Corporation (CEFC), as well as Aware Super as a co-investor in Intera, will all own the new renewable energy platform.