Tag: australia
Written by Jad on 01 November 2018.
♦ Recent Deals ♦ Australia, Melbourne, Sydney
Herbert Smith Freehills has advised the Australian Renewable Energy Agency (ARENA) in relation to its $23 million grant funding of the Kwinana Waste to Energy Project, located in the Kwinana Industrial Area, 40km south of Perth, Western Australia. The $668 million waste processing facility, which was co-developed by Phoenix Energy Australia Pty Ltd and Macquarie Capital (Australia) Limited, will use moving grate incineration technology to process around 400,000 tonnes of waste a year sourced from various local governments in the Perth Metropolitan Area under long term waste supply agreements. This will generate approximately 36MW of baseload power – the equivalent of up to 50,000 homes – capable of export to the South West Interconnected System (SWIS). The project will be designed, built, operated and maintained by a consortium including by Spanish contractor Acciona and energy services company Veolia Environmental Services (Australia) Pty Ltd with commissioning expected to begin in the fourth quarter of 2020 and the project set to be fully operational by the second quarter of 2021.It will be owned by a consortium including Macquarie and the Dutch Infrastructure Fund. The Herbert Smith Freehills team was led by partners Elizabeth Charlesworth and Alison Dodd who were supported by senior associates Rupert Baker and David Ong and solicitors Yun Yong and Hiroko Ito. Ms Charlesworth said, “With the support of ARENA, the project’s sponsors, the Clean Energy Finance Corporation and the many commercial lenders involved in providing the requisite project finance debt, Perth is set to see a significant portion of its post-recycling residential rubbish diverted from landfill sites to the Kwinana Waste to Energy Project.” “As a result, this innovative, Australian-first project is set to change the way in which we view and process waste in this country,” Ms Charlesworth said. Ashurst advised the sponsors in relation to the project. The lenders were advised by Allens. This deal is another example of Herbert Smith Freehills’ market-leading work in the energy sector. Other recent examples include: • advising Macquarie Capital and the project companies on the project development, corporate sale, offtake arrangements and project financing of the 228MW Lal Lal Wind Farms to be developed in Victoria’s Central Highlands; • advising the financiers on the 87MW greenfield Beryl solar farm project financing and development; • advising the financiers on the project financing of the 530MW Stockyard Hill wind project, which will be the southern hemisphere’s largest wind farm; • advising AGL Energy and lenders on the 453 MW Coopers Gap Wind Farm; and • advising ENGIE and Mitsui on the development of the 119 MW Willogoleche Wind Farm in South Australia.
Written by Jad on 26 October 2018.
♦ Recent Deals ♦ Australia, Melbourne
Global law firm K&L Gates has advised Belectric Australia Pty Ltd (Belectric), a subsidiary of German energy company innogy SE, in its appointment of Downer Group (Downer) to construct Limondale Solar Farm in southern New South Wales. When fully operational, the 349MW solar farm is set to be Australia's largest, generating enough renewable energy to power up to 105,000 homes annually. Construction is due to begin in October and is anticipated to be completed in 2020. The K&L Gates team advising Belectric on all aspects of the appointment was led by energy, infrastructure and resources partner Luke Westmore, who was assisted by senior associate Jordan Lyon and lawyer Nicole Guglielmi. Westmore said: "We are delighted to have assisted Belectric with Limondale Solar Farm, Australia's largest solar project to date. This marks an exciting new chapter for Belectric and a clear intention to grow its business in the region by appointing Downer to this one-of-a-kind project. Furthermore, construction of Limondale Solar Farm is expected to deliver significant economic benefits to the local community by creating up to 400 jobs in its peak, not to mention the ongoing environmental benefits once operational."
Written by Jad on 01 August 2018.
♦ Moves News ♦ Australia, Melbourne
International law firm Pinsent Masons is pleased to announce that Banking and Project Finance partner Jeremy King is joining the firm's Australia practice commencing 1 August. Mr King’s appointment supports Pinsent Masons’ strategy in Australia to expand its project finance offerings in the infrastructure and energy sectors. A partner with Corrs Chambers Westgarth for more than seven years and a partner in Australia for over a decade, Mr King’s primary areas of expertise include project and infrastructure finance, structured asset finance, acquisition finance, corporate finance, and restructuring and workouts. His experience extends to financing for energy and renewables, social infrastructure (including corrections, education, and health care facilities), roads and rail, property, mining and resources, and water and sanitation. Mr King is one of the most peer-recognised lawyers in the industry. Most recently, Jeremy was recognised by The Best Lawyers in Australia in the categories of Banking and Finance Law, Energy Law, Construction/Infrastructure Law, Project Finance and Development Practice, and Equipment Finance Law, Asset Finance Law and Structured Finance Law.” Based in Melbourne, Mr King will support Pinsent Masons’ Sydney and Perth offices, and strengthen the firm’s banking and finance offering across the Asia Pacific region. Anthony Arrow, head of Australia's Finance & Projects team at Pinsent Masons said: “The team at Pinsent Masons extends a warm welcome to its newest partner, Jeremy King. We are thrilled to have on board a partner who is so highly-regarded in the industry, particularly for his banking and finance work and his strong leadership in the pro bono space. “Given the unprecedented growth in Australia’s energy and infrastructure sectors, we look forward to tapping into Jeremy’s significant experience and skillsets to enhance our offerings in the Australian market and the wider Asia Pacific region. “Jeremy’s appointment as partner at Pinsent Masons is symbolic of our fast-growing brand recognition in Australia. It is also testament to the firm's strategic decision to focus on the needs of our clients in the infrastructure and energy sectors across the entire project lifecycle.”
Written by Jad on 27 July 2018.
♦ Recent Deals ♦ Australia, Sydney
Gilbert + Tobin advised Viva Energy Group Limited (Viva Energy) on its successful initial public offering (IPO) and listing on the Australian Securities Exchange. It is the largest IPO in Australia for 4 years and the largest non-government IPO in Australian corporate history. Viva Energy, the former Australian downstream business operated by Shell, raised $2.4 billion under the IPO at $2.50 per share, giving it a market capitalisation of $4.8 billion (based on the issue price). Viva Energy supplies fuel to retail customers through a nationwide network of 1,165 service stations, the majority of which are Shell branded and form part of an alliance with Coles Express. Viva Energy also enjoys longstanding relationships with commercial customers across a range of industries and sectors. Viva Energy operates a refinery in Geelong, Victoria, which supplied more than 11% of Australia’s total fuel requirements and 50% of fuel demand in Victoria in 2017. It also has access to a national infrastructure network comprising import terminals, depots and pipelines used for the storage and distribution of fuel products. David Clee, who led the Gilbert + Tobin team, said “This transaction is particularly significant not only because of its scale, but also because it brings to the market a great Australian business that has played a critical role in supplying Australian consumers with fuel for over 100 years. We are delighted to have assisted Vitol and the Viva Energy team on another major transaction, and we wish the directors and management of Viva Energy the very best in their journey as an ASX100 company.” Alex Kauye, a Melbourne-based Corporate partner who also played a key role on the transaction, said “This transaction is a timely reminder that large-scale IPOs can be executed in the Australian market for businesses with strong fundamentals and a compelling story to tell. We were able to draw on our deep knowledge of Viva Energy’s business and our market-leading ECM expertise to assist in delivering an outstanding outcome for Viva Energy and its stakeholders.” Gilbert + Tobin also advised on various transactions undertaken in connection with the IPO, including a complex restructuring and a refinancing of Viva Energy’s debt facilities. Gilbert + Tobin’s role on the IPO follows roles advising on the initial acquisition of Shell’s Australian downstream business and the successful listing of the service station property portfolio by way of Viva Energy REIT. The broader Gilbert + Tobin team included Corporate Advisory partner Elizabeth Hill and lawyers Ciara Coleman, Bridget Sutton, Anna De Navi, Beth Jeffers, Wendy Hsu, Susan Ellicott, Nick Madders, Hannah Bragge and Caitlin O’Neil, and Banking + Infrastructure partner Simon Lynch and special counsel Spiro Papadolias with lawyer Corrie Eames. Various other partners and lawyers from across the firms practice groups were also involved, including property, environmental and competition/regulatory.
Written by Jad on 27 July 2018.
♦ Recent Deals ♦ Australia, Sydney
Global law firm White & Case LLP has advised independent sustainable energy producer Neoen on the development and A$198 million project financing of the Numurkah Solar Farm, a 128MW solar farm to be constructed north of Shepparton in Victoria, Australia. The Numurkah Solar Farm is supported by a ten-year Green Certificate Purchase Agreement with the Victorian Government as well as a 15-year Power Purchase Agreement with SIMEC Zen Energy, a member of the GFG Alliance. The project will generate affordable and emissions-free electricity that will help to drive down energy costs at GFG's Laverton steelworks in Victoria. "Construction of the Numurkah Solar Farm will see Neoen surpass 1GW of installed capacity in Australia," said White & Case partner Andrew Clark. "The White & Case team worked closely with Neoen to achieve this important milestone." White & Case partner Ged Cochrane said: "By partnering with GFG and the Victorian Government, Neoen has demonstrated that renewable energy projects can unlock significant cross border investment in local, energy intensive industries. The transaction is another market leading example of long term debt financing in the renewables sector and is also the first of its kind, demonstrating the bankability of the corporate offtake solution offered by SIMEC Zen Energy." Financed by the Clean Energy Finance Corporation, clients managed by Vantage Infrastructure, an independent specialist investment manager, as well as German Landesbank NORD/LB, the project achieved financial close on July 24, 2018. When complete, the Numurkah Solar Farm will connect to the national electricity grid and generate enough power to supply approximately 42,000 homes. The White & Case team in Australia which advised on the transaction included partners Andrew Clark, Ged Cochrane, Adeline Pang and Michelle Keen, counsel Anna O'Reilly and associates Josh Dellios, Paul Marshall, Chris Settle, Emma Jakeman and Maneka Siva Nathan. King & Wood Mallesons advised the financiers.