ZEN Energy chasing $100 million in high yield loans
Ross Garnaut backed ZEN Energy is looking for high-yield loans to fund its projects and future contracts
Melbourne-based renewable electricity retailer ZEN Energy is in the market for $100 million of three-year high yield loans aimed at institutional investors to help fund its projects and facilitate contracts.
These syndicated loans, paying from 13% to 14%, will go towards furthering ZEN Energy's South Australian projects: the Templers battery project and 300 MW Solar River solar farm.
Funds will also go towards collateral for energy storage contracts or renewable energy offtake contracts, as well as trading margins to fund electricity market derivative positions, according to documents seen by Capital Brief.
The raise is being led by Income Asset Management.
The first tranche, which settled on 31 July, was for $50 million. Tranche two, for $100 million, is set to close on or before 30 September, the documents show.
