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Wirtgen invests in high energy West Solar Farm
K&L Gates has advised Wirtgen Invest on acquisition and development of Glenrowan West Solar Farm.
Tony Zhang
Firm: K&L Gates (Wirtgen Invest)
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Deal: Global law firm K&L Gates has advised Wirtgen Invest on the 149MWp Glenrowan West Solar Farm to be constructed outside the town of Glenrowan, approximately 230 kilometres northeast of Melbourne.
Wirtgen Invest is a German-based, family-owned investment company with solar projects in Portugal and wind farms in Poland and Sweden.
Value: Undisclosed.
Area: Energy.
Key players: The K&L Gates team was led by energy partners Luke Westmore and Matt Baumgurtel, who were supported by senior associate Danielle Larkin and lawyer Claudia Brkic. Special counsel Damiano Castelli also advised on real estate matters.
Deal significance: The purchase and development of the Glenrowan project mark its entry into the Australian solar market as part of its dedicated interest in developing renewable energy assets across Australia.
Wirtgen Invest is developing the project alongside WiNRG and Wirsol, who will ultimately act as the operator of the solar farm.
Mr Westmore commented on the deal: “We are delighted to have assisted Wirtgen Invest on its first renewable energy project in Australia. It is fantastic to see global investors continuing to develop projects in the Australian market, and we are pleased to have played a role in assisting with the development of a solar farm that will increase clean energy supplies to Victorian households.”
The K&L Gates team advising Wirtgen Invest leveraged their strong experience in the renewable energy sector, with the team having been immersed recently in a number of renewable energy projects advising clients whose roles include sponsor, contractor and lender.
Construction on the Glenrowan project started mid-February, with completion scheduled for early 2021. Upon completion, the solar farm is expected to supply over 41,000 homes with renewable electricity – estimated to reduce carbon dioxide emissions by 110,000 tonnes annually.
This becomes part of K&L Gates work on the acquisition of solar farms with the firm advising Wirtgen Invest’s initial acquisition of the project from Overland Sun Farming in mid-2019, as well as continued advice on the project’s development, such as the recent successful negotiation of the engineering, procurement and construction (EPC) contract with Signal Energy.
