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QIC makes first buy-in of $3bn renewables fund

QIC has been advised on its first acquisition of the $3 billion Powering Australian Renewables Fund.

November 25, 2016 • By Emma Musgrave
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Firm: King & Wood Mallesons (QIC, on behalf of its clients the QIC Global Infrastructure Fund and the Future Fund)

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Deal: QIC has purchased the 102 MW Nyngan and 53 MW Broken Hill solar plants, marking the transfer of the first two seed assets into the Powering Australian Renewables Fund (PARF).

 
 

Value: $257 million

Area: M&A

Key players: The legal team advising QIC was led by KWM partners Craig Rogers (pictured) and Roderick Smythe, with support from senior associate Sharron Anderson and solicitors Javad Asghari, Josh Thorneycroft and Heather Kirkup.

Deal significance: PARF is an innovative financing platform established in July in partnership with AGL to invest in large-scale renewable energy assets and projects.

AGL provided $200 million in equity funding to the PARF on behalf of its clients the Future Fund, while the QIC Global Infrastructure Fund provided $800 million.

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“This first acquisition has demonstrated the success of PARF’s investment framework and governance, and we are pleased to have helped our client reach this significant milestone,” KWM partner Craig Rogers said.

“We look forward to continuing to support QIC on their continued expansion of their renewable energy asset portfolio through PARF.”

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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