Pacific Hydro has implemented a multi-currency A$670 million equivalent global funding facility to finance a significant portion of the company’s international operating and development portfolio, including expansion of hydro assets.

The innovative funding platform establishes one of the first cross-border portfolio financings for large-scale renewable energy, said the company in a statement.

“We are proud to be one of the first examples of such a major cross-border arrangement; this deal is a great demonstration of the power of global lending partnerships,” commented Pacific Hydro CEO Mike Fuge.

The portfolio-style transaction involved the refinancing of a number of project-financed assets whilst providing additional capacity to expand the portfolio of assets in both Australia and Chile, where the company owns a number of hydro and wind assets.

The facility is funded by an international group of lenders which includes China Construction Bank, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited, and National Australia Bank Limited.

Allens was the lead global counsel to Pacific Hydro, working alongside Chilean counsel, Bofill Mir & Alvarez Jana Abogado. Gilbert + Tobin acted as lead global counsel for the financiers.

Pacific Hydro is fully owned by State Power Investment Corporation of China (SPIC).