Firms: Ashurst (RateSetter)
Deal: RateSetter has been advised on a partnership with the Clean Energy Finance Corporation.
Value: $20 million
Area: Corporate, finance
Key players: The Ashurst team was led by corporate partner Lisa Simmons, with assistance from tax partner Barbara Phair.
Deal significance: RateSetter is a peer-to-peer lending platform operator.
Its partnership with the Clean Energy Finance Corporation will see the latter invest $20 million to fund “green loans” for households and businesses wanting to buy clean energy products, according to a statement from Ashurst.
“Peer-to-peer lending is still a relatively new concept in Australia with most providers having commenced their operations in the last five years,” Ms Simmons said.
“For it to be a long-term success, there needs to be a market established, both for lenders (or funders) and borrowers. That in turn requires liquidity.
“The unique thing about this transaction is that through RateSetter, CEFC is helping to establish a new funding market for loans which have a ‘green’ objective. Retail lenders can fund green loans alongside the CEFC, helping to build a loan market for loans with this purpose.”