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Providence Asset Group finances 10 solar projects
Providence Asset Group was assisted by BigLaw firm Herbert Smith Freehills in financing its Victorian portfolio of 10 five-megawatt solar projects.
Naomi Neilson
Firm: Herbert Smith Freehills (Providence Asset Group)
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Deal: Herbert Smith Freehills (HSF) has assisted Providence Asset Group on its $33 million portfolio project financing of its Northern Victoria Solar Portfolio.
Value: $33 million.
Area: Energy, financing.
Key players: The team was led by partner Gerard Pike with support from senior associate Caroline Rowe, solicitors Jana Mavroidakos and Sarala Baskaran, and graduate lawyer Nick Gillies.
Deal significance: The Northern Victoria Solar Portfolio makes up a collection of 10 sub-five-megawatt grid-connected community solar farms located in northern and central Victoria. The financing was provided by the Commonwealth Bank of Australia.
Each of the 10 financed projects is operational and grid-connected and together generate enough solar energy to power approximately 20,000 households a year.
Mr Pike commented: “We are thrilled to have helped Providence to achieve financial close for their 10 Victorian solar projects using an innovative portfolio financing structure, which we think is a first of its kind in Australia.
“It was great to see the close cooperation between Providence and CBA to negotiate and close this transaction very smoothly despite the persisting COVID conditions.”
