Int'l Power refinances debt in Australia

Electricity generating group International Power has announced that is has refinanced its debt facilities at the Hazelwood and Loy Yang B power plants in Australia.

Electricity generating group International Power has announced that is has refinanced its debt facilities at the Hazelwood and Loy Yang B power plants in Australia.

The group, 70%-owned by French power titan GDF SUEZ, says that the A$652m (around £420m) of debt at its 1,542MW Hazelwood plant will be repaid from GDF's corporate resources.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The current facility for the plant will be repaid on June 29th.

Meanwhile, the debt at its 955MW Loy Yan B plant, co-owned with partner Misui & Co, has been refinanced with a syndicate of banks, which provided project finance debt of A$1.06bn (£0.68m) with a tenor of five years, maturing on June 30th 2017.

"The refinancing of both facilities was completed in a challenging environment of continuing regulatory uncertainty around energy and carbon policy," the company said.

BC

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.