Palisade Impact has inked another major deal providing working capital to ASX-listed bioenergy company Delorean to support the expansion of new power production sites. 

Palisade has recently reached first close of its $400 million impact fund, and it’s now deploying capital. The partnership with Delorean involves a $5 million investment through convertible notes. 

Initial projects will involve complete project funding of the SA1 and VIC1 bioenergy projects. With a right of first offer to fund a further three of Delorean’s bioenergy projects. 

The multi-project development funding agreement will see Delorean providing ongoing management of the sites for 25 years. 

“This development funding partnership with Palisade Impact is a major milestone for Delorean’s business. DEL listed on the ASX in April 2021 with the specific purpose of focusing on development and capitalisation of its own bioenergy infrastructure pipeline, to diversify the business beyond its already growing construction project portfolio and WA energy retail revenues” said DEL’s Managing Director, Joe Oliver.

“The partnership makes perfect sense for both Delorean and Palisade Impact. Palisade is a major Australian infrastructure investor which understands the bioenergy sector and has a solid track record backing winners and delivering solid investor returns and Delorean’s status as an award winning ESG-focussed pioneer of the sector is a neat fit for its impact fund.”

Palisade Impact CEO Steve Gross says, ”We are looking forward to working with Hamish, Joe and the rest of the DEL team to develop this first set of bioenergy projects and supporting DEL with their mission to catalyse the bioenergy sector in Australia. We see a great opportunity to facilitate the race to zero, by reducing waste to landfill but also in decarbonizing harder to abate sectors. Moreover, bioenergy presents a new sector that can catalyse job growth for future generations of Australians.”

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