Team Global Express, the Allegro Funds-owned logistics group, has refinanced $190 million in debt with Commonwealth Bank, the Clean Energy Finance Corporation and other institutional investors, and will use the asset-backed debt to buy lower-emission, electric-powered vehicles such as trucks and courier vans.

CBA led the financing alongside IFM Investors, automobile manufacturer Daimler’s Truck Financial Services unit, Income Asset Management and CEFC. The Australian Financial Review’s Street Talk column first reported on the potential refinancing last month.