Bluewaters Power Station is under the spotlight as some observers in the non-bank lending space question how the company’s owners will refinance the asset.
The power station based in Western Australia is coal-fired, which means securing bank debt is seen as a near impossible feat.
The asset, based 4.5km northeast of Collie, was built by Griffin Energy in 2009 and is owned by groups including 50 per cent shareholder Sumitomo of Japan.
The power station has a total electricity generation capacity of about 430 megawatts. Attempts to secure hundreds of millions of dollars to refinance the asset have been made over the past six months.
Some observers say the owners may have to stump up equity to ensure it continues to operate. Perhaps Japanese lenders will step up to the plate.
Banks have shied away from gaining exposure to thermal coal-related assets as concerns grow about climate change and the impact of coal on the environment.
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