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Hornsdale Wind Farm secures financing
Two firms have advised on a long-term debt facility for phase two of a major wind farm project in South Australia.
Stefanie Garber
Firms: Baker & McKenzie (Neoen); Herbert Smith Freehills (KFW IPEX-Bank GmbH and Societe Generale)
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Deal: Neoen secured a long-term debt financing package for the second stage of the Hornsdale Wind Farm project.
Value: Undisclosed
Area: Banking and finance
Key players: The Baker & McKenzie team was led by partners Paul Curnow and Sean Rush, with the support of partners Kate Jefferson, Bryan Paisley, John Walker and Amrit MacIntyre, special counsel Kate Phillips and Teresa Ientile, and senior associates Robyn Farrell and David Cooper.
Deal significance: French renewable energy company Neonen is the majority owner of the 100MW Hornsdale Wind Farm project, located in Jamestown, South Australia.
For the second time in the past 12 months, Neoen has secured a long-term debt facility from lenders KFW IPEX-Bank GmbH and Societe Generale to finance the second stage of the project.
The second stage will see Siemens erect 32 wind turbines, in addition to the 32 wind turbines already under construction from phase one.
Siemens will also complete associated project works and will maintain the wind farm under a long-term maintenance contract.
Bakers lead partner Paul Curnow called the financing agreement "encouraging".
"The Hornsdale Wind farm has been twice awarded a 20-year contract to supply green energy to the ACT, with the second stage achieving a record low price of $77 per MWh," he said.
Baker & McKenzie also advised on Neoen on the first stage of the project, as well as their initial acquisition of the wind farm from Investec in 2014.
