Firm: Ashurst (Edify Energy Pty Ltd)
Deal: Edify Energy Pty Ltd (Edify Energy) has been advised on the development, financing and equity transfer to build and operate two solar farms in North Queensland.
Key players: The Ashurst team was led by partners Paul Newman (utilities), Ben Warne (corporate) and David Mason (finance).
The trio were assisted by partners John Briggs and Gavin Scott, counsel Lucy Bretherton, senior associate Paul Wilson and lawyer Tristan Shepherd (resources and utilities); senior associate Rebecca Roach and lawyer Joey Chan (corporate); counsel Tim Macmillan, lawyers Jowa Chan and Wilson Lu (finance); partner Mark Disney, senior associates Lillian Yeung and Kate Robertson and graduate Eliza Brierley (infrastructure); with senior associates Carol Kahler and Harry Stone (real estate).
Deal significance: The two solar farms located in Northern Queensland are the 150-megawatt Daydream and 50-megawatt Hayman.
According to a statement from Ashurst, upon completion, the solar farms have a total capacity of 240MWp, generating enough power to provide 73,000 homes with clean energy. The solar farms are ready for construction and are expected to be fully operational by 2018.
“Edify Energy will retain 10 per cent of equity interest in the project and will provide construction and long-term asset management services. The remaining 90 per cent has been acquired by global investment management services provider, BlackRock Real Assets,” the firm’s statement said.
“Financing partners the Clean Energy Finance Corporation, Commonwealth Bank of Australia and French bank, Natixis, committed to a long-term syndicated debt facility for the project. The Daydream Solar Farm is underpinned by an offtake agreement with Origin Energy, and the Hayman Solar Farm has been financed on a merchant basis.”
Commenting further on the transaction, Mr Newman said: “It was a pleasure to advise Edify Energy on the development, investment into and project financing of the Daydream and Hayman solar farms”.
“This transaction positions Edify as Australia’s leading solar power project developer and asset manager, with five projects now under construction, and represents months of dedicated work by the Edify and Ashurst teams,” he said.