Barings, a global asset management firm, has co-led an A$370 million equity raise with Queensland Investment Corporation (QIC) for Pacific Energy Group (PEG), Australia’s largest remote energy platform. This significant funding empowers PEG to execute its long-term investment plans and capitalize on strong customer demand.
PEG, with a contracted capacity of 946 MW across 48 sites, is well-positioned to deliver complex hybrid and renewable energy solutions to vital sectors, such as natural resources and remote communities. Its vertically integrated model and ability to deploy both thermal and renewable technologies ensure reliable, tailored, off-grid power nationwide.
This investment bolsters Barings’ infrastructure equity platform, showcasing its expertise in direct sourcing and funding high-quality, essential infrastructure assets globally.
Agent: Campbell Lutyens, a leading infrastructure advisory firm, acted as the placement agent for this equity raise.
KEY QUOTES:
“We are pleased to partner with QIC to support Pacific Energy Group in this important phase of its growth. PEG is a proven leader in Australia’s remote energy sector and exemplifies the type of high-quality, resilient infrastructure asset we seek to invest in—well-positioned to deliver long-term value in today’s market, which can help investors inflation-proof their portfolios.”
Mina Pacheco Nazemi, Head of Barings Diversified Alternative Equity
“Since QIC’s acquisition in 2019, Pacific Energy has invested heavily in its capabilities through a series of value-chain acquisitions, creating a highly specialized, vertically integrated remote energy platform with full in-house capability to design, construct, commission and operate hybrid renewable power projects. With this growth capital raise completed and the business competitively refinanced, Pacific Energy is well positioned to capitalize on customer demand and deliver its growth pipeline, which includes a range of renewable and hybrid projects in Western Australia as well as on the East Coast.”
Matthew Zwi, Senior Principal, QIC, Pacific Energy asset manager and board member
