For 170 years Westpac has been AGL’s primary banker supporting them in delivering innovative energy solutions. It’s a partnership that has stood the test of time evolving and developing as the technologies used by both companies along with the operating environment have changed.
The Powering Australian Renewables Fund, or PARF as it is known, is a landmark partnership between AGL, QIC and its clients the Future Fund and those invested in the QIC Global Infrastructure Fund to provide investment opportunities in a portfolio of renewable energy assets and Westpac has been a key financier on all the PARF deals.
The Fund currently intends to develop, own and manage approximately 1,000 megawatts of large scale renewable energy infrastructure assets. In New South Wales, the Fund has solar plants already in operation at Nyngan and Broken Hill and the Silverton Wind Farm is currently under construction. Its most recent addition is the 453 megawatts Coopers Gap Wind Farm development at Cooranga North in Queensland.“We are very pleased to have the support of banks like Westpac who help us deliver innovative financing solutions and who share our commitment to a low carbon economy.”
AGL Chief Financial Officer, Brett Redman said this Fund is important for encouraging investment and development of the renewable energy projects that will help Australia transition to a low-carbon economy.
“The support we have seen for PARF demonstrates the strong appetite among Australian investors for the development of large-scale renewable energy projects.
“We are very pleased to have the support of banks like Westpac who help us deliver innovative financing solutions and who share our commitment to a low carbon economy,” said Brett.
Westpac was the first Australian bank to recognise the importance of limiting global warming to two degrees and has had a long running commitment to helping Australia reach net zero carbon emissions. As a key financier on all the PARF deals, Westpac is proving itself as the go to bank for financing renewable energy projects.
As part of its due diligence, Westpac undertook an Equator Principles assessment on the Coopers Gap Wind Farm and Silverton Wind Farm projects. Both projects were rated as category B and defined as ‘having potential limited social or environmental impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures’.
Westpac Institutional Bank’s Head of Infrastructure & Utilities, David Scrivener said Westpac has been proud to support AGL’s transformation into one of Australia’s leading energy companies.
“Over 170 years, we have worked with AGL to make things happen and create better futures for the people of Australia; it’s amazing to see how far things have come. We look forward to seeing where our continuing partnership will lead,” he said.
In August 1847, the Bank of New South Wales became the Australian Gas Light Company’s treasurer and in June 2017, Westpac and AGL celebrated the renewal of their transactional banking relationship, continuing the longstanding partnership between two of Australia’s oldest companies.