Financial close for Swan Hill Solar Farm project
The construction of one of Victoria’s first large-scale solar PV farms is a step closer to getting underway.
Firms: Herbert Smith Freehills (Impact Investment Group)
Deal: Financial close has been achieved for a new solar farm project owned by Impact Investment Group (IIG).
Value: $32 million
Area: Infrastructure, finance, construction, property, planning and environment
Key players: The HSF team advising IIG was led by partners Jon Evans and Gerard Pike. Solicitors Dinisi Sirimanne and Michael Thurin assisted with the deal.
Executive counsel Alison Dodd led the HSF’s procurement team, with assistance from senior associates Paul Sexton and Tyson Carruthers.
Once construction of the Swan Hill Solar Farm is complete, its total generating capacity will be approximately 19 megawatts.
The $32 million farm will be located in northern Victoria and according to HSF, which is advising IIG on the project, one of the first large-scale solar PV farms in the state.
Specialist fund manager Infradebt will provide $16.5 million in debt financing for the project via its Infradebt Ethical Fund, which will operate on a merchant basis.
According to HSF lead partner Jon Evans, the market is moving fast in respect to renewable energy projects.
“Achieving financial close for a new solar project being developed on a merchant basis shows the rapid pace at which the market for these projects is moving,” Mr Evans said.
“We congratulate IIG on this achievement and its commitment to continue to drive the renewable energy market forward with landmark projects such as this.”
HSF advised on all aspects of the transaction including the project financing, procurement, connection, offtake, property, planning and environment.
The firm also previously advised IIG in relation to the acquisition of the Swan Hill Solar Farm project.