USD1.64 billion refinancing received for Hospital PPP project in Australia
Royal Adelaide Hospital, a key asset in AMP Capital’s Community Infrastructure Fund (CommIF), has secured the world’s largest Sustainability Loan in the healthcare sector, and the largest project finance Green and Sustainability Loan in Australia.
The landmark AUD2.2 billion (USD1.64 billion) transaction involving a consortium of 18 banks is the largest green loan for a PPP in Australia to date, the first to be issued with a social loan component in Australia and the largest combined green and social loan in the healthcare sector globally.
The new Royal Adelaide Hospital (RAH) is an 800 bed public hospital. The Hospital was the first large-scale hospital complex in Australia to achieve a 4 Star Green Star – Healthcare ‘As Built’ rating from the Green Building Council of Australia (GBCA). Financial Close was achieved in June 2011, and the hospital opened to patients in September 2017. The financing has been amended and extended twice since financial close.
The Hospital is a Public Private Partnership (PPP) between Celsus and the South Australian Government. CommIF owns 17.26% of Celsus, with clinical services provided by SA Health through the Central Adelaide Local Health Network.
Herbert Smith Freehills has advised Celsus and its owners. Allens has advised the Senior Financiers and Green and Social Loan Coordinators.
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