King & Wood Mallesons has advised EnergyAustralia on its proposed divestment of a majority share of the Waterloo wind farm to Palisade Investment Partners and Northleaf Capital Partners.
Under the agreement, Palisade Investment Partners and Northleaf Capital Partners acquired a 75% equity interest in the 11MW wind farm in Clare, South Australia, for A$228 million. EnergyAustralia has retained a 25% interest and will continue to provide asset management services to the Waterloo wind farm under a long-term contract with the jointly-owned entity.
We also assisted EnergyAustralia to put in place new project finance debt for the wind farm, so as to create an optimal capital structure for the project following the divestment.
The King & Wood Mallesons team was led by M&A partners Peter Stirling and Vishal Ahuja, who were supported by senior associate Chris Dynon and solicitors Danielle Smith, Tim Ma, David Bryant and Amrutha Ram Mohan.
Peter Stirling said: “We are delighted to have assisted EnergyAustralia on this strategic divestment, which frees up capital for future investment opportunities, whilst enabling our client to retain its off-take arrangements with respect to generation from the Waterloo wind farm.”
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