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Three firms spin wind farm project
Allens Arthur Robinson, Clayton Utz and Freehills have advised on 2012’s first Australian wind farm project deal.
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Firms: AAR (Acciona), Clayton Utz (Origin Energy), Freehills (financiers: Banco Bilbao Vizcaya Argentaria S.A. and Westpac Banking Corporation)
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Deal: Financing the construction of the 46.5MW Gunning Wind Farm project in Upper Lachlan, New South Wales
Area: Infrastructure and finance
Value: $147 million
Key players: The Freehills team was led by partner Brendan Quinn, supported by senior associates Gerard Pike and Chris Skordas, and solicitors Joyce Cunningham and Micaela McLean. The Allens team was led by Melbourne executive partner Paul Quinn, together with partners Simon Lynch, Adrian Chek, Anna Collyer and Michael Graves, senior associates Michael Ryan and Andrew Chan, and lawyers Sarah Dynon, Lisa Zhou and Daniel Elliot
Deal significance: Located in the NSW Southern Tablelands, the 46.5 MW wind farm is now operational and ready to deliver enough renewable energy to power 23,250 homes.
The project has been constructed and maintained by Gunning Wind Energy Developments Pty Ltd, a subsidiary of the Spanish renewable energy company Acciona Energia S.A.
The deal involved refinancing a bridge loan used to finance the construction of the 46.5MW wind farm with a secured limited recourse project finance facility of $80 million. This is the first Australian project financed wind farm to achieve financial close in 2012.
