AROWANA'S LUCKY BAY PORT PRIVATE CREDIT INVESTMENT GENERATES SOLID RETURNS

KUALA LUMPUR, Sept 2 (Bernama) -- Arowana’s private credit investment arm has reached an agreement with ICAM Duxton STC Holdings Pty Ltd (ICAM or the Borrower) regarding the early settlement of its secured infrastructure debt facility for the Lucky Bay Port in South Australia, enabling co-investors with Arowana to realise a return in excess of the target IRR of 15 per cent.

Lucky Bay provides an alternative grain supply channel for grain growers and other commodity suppliers on the Eyre Peninsula in South Australia.

It is run by ICAM Duxton Port Infrastructure Trust (IDPIT) with ICAM as the fund manager and T-Ports as the operator, specialising in innovative logistical solutions for the export of Australian commodities.

T-Ports was established by IDPIT in 2018 to initiate construction and project management of the Lucky Bay Port Facility development, with ICAM securing private debt and equity capital.

According to a statement, the Lucky Bay Port generates road freight savings for grain growers from the Eyre Peninsula of up to US$15 per tonne and 4,600 tonnes of CO2 emission savings annually. (US$1 = RM4.146)

Arowana Founder and CEO, Kevin Chin said: “We are pleased to have had the opportunity to provide financial support for the development and growth of a pioneering and innovative port infrastructure project in Lucky Bay, South Australia.

“During the process, we were very impressed with how the ICAM and T-Ports management teams relentlessly overcame challenges posed by unexpected weather conditions and the COVID-19 pandemic in particular.”

ICAM Managing Director, Freddy Bartlett said: "Our team has shared a close working and commercial relationship with the team at Arowana in bringing this greenfield port infrastructure project to operational completion.”

Arowana is a global B Corp certified group that has a number of operating companies and investments, including in electric vehicles, renewable energy, vocational & professional education, technology and software, venture capital and impact asset management.

-- BERNAMA