Herbert Smith Freehills has advised Mandated Lead Arranger and Bookrunner, National Australia Bank Limited, and Mandated Lead Arrangers Bank of China Limited, Bank of Communications Co. Ltd., China Construction Bank Corporation and Industrial and Commercial Bank of China Limited to achieve financial close of the AU$247.2 million construction and term facilities limited recourse project financing for the 165.5MW Gullen Range Wind Farm near Goulburn, New South Wales in Australia.
The Gullen Range Project is sponsored by Goldwind Australia Pty Ltd which is a subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd, China’s largest manufacturer of wind turbines, and is Goldwind’s first large-scale wind farm in Australia. Simultaneously with the project financing, Goldwind negotiated a long-term off take contract with EnergyAustralia who will take the benefit of the electricity output and Renewable Energy Certificates generated by the Project. Gullen Range is a significant venture being Goldwind’s first large-scale project financed wind farm in Australia and also being the first in Australia to use Goldwind’s 2.5MW Permanent Magnet Direct Drive (PMDD) turbines. In total the project will comprise 73 turbines.
The Herbert Smith Freehills project finance team was led by partner Gerard Pike who was assisted by construction partner Toby Anderson and supported by senior associates Alana Delcanho, Anna O’Reilly and Sarah Carroll and solicitors Nadine Kilpatrick and Maggie Chang.
Gerard Pike commented:
“We are very pleased to have assisted Goldwind Australia to achieve Financial Close for this landmark transaction, Goldwind’s largest overseas wind project to date and their first financed project in Australia. By reaching first drawdown on this project financing, Goldwind and our clients, the Mandated Lead Arrangers led by National Australia Bank Limited as bookrunner, have delivered an outcome that will support continued investment in the Australian renewable energy sector.”
The Gullen Range project is the most recent of the large-scale wind farm financings to achieve financial close in Australia and Herbert Smith Freehills maintains its market leading position as legal adviser to wind farm financiers, sponsors, developers and offtakers.
Related Posts:
- None Found