Deal: Gaw Capital Partners made a majority investment in Maoneng Group’s portfolio of BESS and solar development projects across Australia.

Value: Confidential

Area: Finance, projects

Key players: The Norton Rose Fulbright team was led by partner Ben Smits and supported by senior associate Bill Lo, associate Joyce Shi, lawyer Melanie Lo and colleagues in the broader due diligence team.

The Hong Kong-based team was led by Vicky Lam and senior associate Timothy Lam. In Singapore, the team was led by partner Craig Loveless and assisted by senior associate Dexter Tan.

The Baker McKenzie team was led by partner Raymond Lou, who was assisted by lawyers Macy Jong and Tom Henderson.

The transaction also involved the cross-border projects team, including Bakers’ Charlie Detmold, Aylin Cunsolo, David Cooper, Miles Hurst and Lara Ilic from Australia, and Andrew Martin and Dao Yi Lim from the Singapore office.

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Deal significance: According to a statement from Baker McKenzie, this transaction will see Gaw Maoneng Renewables (GMR) fast-track the development of six major projects in Victoria, NSW and South Australia with a total of 1.9 gigawatts in battery storage and solar power generation, and explore new renewable energy opportunities.

“The estimated capex for the construction and build out of the portfolio is upwards of $2 billion and will be secured in the form of equity and debt through the support of Gaw Capital Partners and its existing stable of institutional investors with an interest in Australian renewable energy infrastructure,” the firm explained.

Commenting on the transaction, Baker McKenzie partner Raymond Lou said: “Baker McKenzie is delighted to have assisted Maoneng Group in its partnership with Gaw Capital to build out one of the largest battery energy storage systems (BESS) portfolios in Australia.

“We are proud to have worked alongside Maoneng Group since its inception as they have demonstrated their market leadership in the development of renewable energy assets. Energy storage will be a key piece to support Australia’s energy transition away from fossil fuel, and we look forward to continue working with the team in this fast-growing and evolving industry.”

Commenting further, Norton Rose Fulbright partners Ben Smits and Vicky Lam said: “At a time of heightened interest in Australian renewable projects and energy supply, this transaction marks an important step in Gaw Capital’s journey of strategic growth into large-scale renewable energy generation assets in Australia.

“We are pleased to have brought a multi-jurisdictional team, with expertise in M&A, real estate and construction, to help our client successfully complete this deal.”