Greek industrials and resources company, Metlen Energy & Metals, has lined up five banks for a portfolio refinancing of its Australian renewables assets, according to two sources.

Deutsche Bank, Intesa Sanpaolo, Sumitomo Mitsui Banking Corporation (SMBC), Societe Generale and Westpac are heading towards the credit stage, the sources said.

Athens-listed Metlen, which Infralogic reported in July 2024 was selling its Australian renewables platform, is self-arranging the financing, one of the sources said.

The new facility is of about AUD 450m (USD 288.7m) for seven assets, the same source said, adding that this is likely to be priced at around 160 bps over the bank bill swap rate (BBSY) with a five-year tenor.

The second source said that the financing would be around AUD 550m for eight assets. The process is likely to close in six to eight weeks, he said.

According to the teaser for the sale, Metlen has a mix of eight construction-stage and operational solar PV assets totalling 530 MW.

Law firm Herbert Smith Freehills is representing Metlen. White & Case is representing the lenders, the first source said.

Infralogic reported in February that Metlen was working on a portfolio refinancing alongside the sale process it launched last year with Macquarie as its advisor.

Metlen has raised AUD 460m in debt for its Australian portfolio.

Around 70% of Metlen’s Australian output is contracted with an average of eight years remaining on its power purchase agreements.

Metlen, Deutsche Bank, Intesa Sanpaolo, SMBC, Westpac, White & Case and Herbert Smith Freehills did not respond to requests for comment. Societe Generale declined to comment.