Deutsche Bank has arranged an AUD 2.3 billion ($1.495 billion) financing facility for Global Power Generation Australia (GPG) to bolster its renewable energy portfolio. Acting as Original Lender and Hedge Counterparty, Deutsche Bank’s involvement underscores its commitment to advancing sustainable finance and renewable energy projects in the Asia Pacific region.
The facility supports a diverse portfolio of GPG’s assets, including six operational wind farms, a battery storage project, and a solar-hybrid facility with storage. It also finances two photovoltaic plants under construction and a solar-plus-battery hybrid project in development. By the end of 2024, GPG’s renewable energy footprint will encompass 1 GW of operational capacity, 360 MW under construction, and 510 MW ready for development.
“We are pleased to continue to extend our longstanding relationship with GPG in Asia Pacific by playing a pivotal role in this portfolio financing. This milestone brings us close to 3.6 GW of renewable energy projects financed in Australia this year, demonstrating our commitment to sustainable finance,” said Rachel Chia, Deutsche Bank’s Head of Project Finance for Asia Pacific.
GPG, a joint venture established in 2014 by Naturgy Energy Group and the Kuwait Investment Authority, manages power generation assets across eight countries. The company’s renewable energy projects in Australia reflect its growing commitment to clean energy development.
This deal represents Deutsche Bank’s 24th renewable energy asset financing in Australia and highlights the bank’s expertise in providing comprehensive financing solutions, including project finance, acquisition finance, and corporate finance. Since 2019, Deutsche Bank’s Corporate Bank has actively supported Australia’s renewable energy transition through innovative financing mechanisms.
