Media Release Australia News APAC Media Release June 26, 2023

Deutsche Bank expands sustainable finance portfolio with AUD 73 million financing for Global Power Generation (GPG)

Deutsche Bank has today announced its financing of Global Power Generation’s (GPG) Berrybank Stage 2 Wind Farm and Battery Energy Storage System (“BESS”). The bank acted as Mandated Lead Arranger, Bank Guarantee Provider and Hedging Provider for the financing and provided a debt facility of AUD 73 million.

This is the fourth windfarm that Deutsche Bank has financed for GPG in Australia, demonstrating its ongoing commitment to renewable energy development projects and expertise in this area. 

The Berrybank 2 wind farm in Victoria is set to significantly contribute to the state's clean energy goals and support Australia's transition to a low-carbon future. With 26 Vestas wind turbines and a 20MWh of battery storage located within the Australian Capital Territory boundaries, the project is expected to accelerate the growth of Australia's renewable energy sector and advance sustainability objectives. Spanning approximately 5,000 hectares, the wind farm is projected to generate 390 GWh of clean energy annually, equivalent to the electricity consumption of 71,000 households. This new renewable facility serves as the second phase of the Berrybank 1 wind farm, which has been operational since 2021.

Rachel Chia, Head of Project Finance for the Corporate Bank in Asia Pacific, said: “We are delighted to play a role in financing GPG’s Berrybank Stage 2 wind farm and support the global energy transition by reducing reliance on fossil fuels. We look forward to continuing to expand our portfolio of renewable projects by leveraging our global network and expertise to promote sustainable financing in Australia.”

Francisco Bustio, CEO of Global Power Generation said: “Berrybank Stage 2 wind farm is an important step in strengthening our presence in the APAC region aligned with GPG’s global strategy and growth plan. Australia is a very attractive country to invest in renewable energy projects as it combines attractive returns for investors with social and environmental requirements, providing clean energy sources and contributing to the development of rural and regional communities.”

Deutsche Bank’s Corporate Bank provides administrative services to project, acquisition, corporate and other financing across the infrastructure and energy markets. The business has had a presence in Australia since 2019.