Herbert Smith Freehills has advised the financiers on the A$189 million project financing of the 106.8 MW Taralga wind farm, located 45 km north of Goulburn, New South Wales.
The project, a joint venture between Spain’s Banco Santander (Santander) and renewable energy group CBD Energy (the sponsors), represents Santander’s first step into the Australian renewable energy market.
Funding for the project was obtained from an international consortium comprised of the Australian Government’s Clean Energy Finance Corporation (CEFC), Danish export credit agency Eksport Kredit Fonden (EKF) and the Australia and New Zealand Banking Group Limited (ANZ), which also took the role of Mandated Lead Arranger.
The Herbert Smith Freehills team was led by partners Joel Rennie and Andrew Clark, with support from senior associates Amelia Fleming and Mark Montag, and solicitors Rupert Baker and Lauren Prest.
“This project demonstrates the increasing importance of diverse funding sources for the viability of certain renewable energy projects in the Australian market,” said Rennie. “Export Credit Agencies such as EKF, together with organisations like the CEFC, have been material contributors to the viability of many recent renewable greenfield projects. We are delighted to not only have had a role in supporting a new entrant into the Australian renewable energy market, but also to have again worked closely with the newly formed CEFC together with EKF and ANZ, with whom we have worked very closely on a number of recent renewable energy projects in Australia.”
This deal is yet another example of the strong work of Herbert Smith Freehills’ energy team, which continues to advise on many of the industry’s largest and most complex transactions. Recent deal highlights include advising on the refinancing of Victoria’s $1 billion Macarthur Wind Farm; on the project development, equity sale, and project financing for Australia’s Boco Rock wind farm project; on the financing and potential expansion facility for the 111MW Waterloo wind farm project in South Australia; and on conditional contracts for the construction of the 87 MW Burgos Wind Farm in Ilocos Norte, Philippines – the largest wind farm in the Philippines that will generate electricity for more than a million households.
Allen & Overy and HWL Ebsworth advised the Sponsors on this transaction.
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