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SA wind farm secures financial backing

A wind farm project near Port Augusta has achieved financial close for its first stage of development.

user iconTom Lodewyke 14 November 2017 Big Law
SA wind farm secures financial backing
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Firms: Herbert Smith Freehills, White & Case and Finlaysons (Nexif Energy); Norton Rose Fulbright (Clean Energy Finance Corporation)

Deal: The first stage of the Lincoln Gap Wind Farm development reached financial close.

Value: $300 million


Area: Projects, energy and resources

Key players: The Herbert Smith Freehills team advising Nexif Energy was led by partner Toby Anderson (pictured), supported by partners Miles Wadley and Nick Baker, executive counsel Alison Dodd, special counsel Michael Voros, senior associates Daniel Ficyk, Tyson Carruthers and Rhiannon Hough and solicitors Dinisi Sirimanne, Michael Thurin, Madeleine Miller and Hannah Stevens.

The Finlaysons team advising Nexif Energy was led by partner Gavin Cragg, supported by partner Jeremy Schulz, special counsel Ryan Williams and Kyra Reznikov, consultant George McKenzie, associate Jane Welsh and solicitor Alicia Jennison. 

Deal significance: The Lincoln Gap Wind Farm project in South Australia has achieved financial close for its $300 million first stage.

The project is being developed by Nexif Energy, which was established by Singapore-based power management company Nexif and private equity firm Denham Capital.

The first stage of the Lincoln Gap Wind Farm will comprise 35 wind turbines with 10 megawatts of battery storage. Upon completion, the wind farm will comprise 59 turbines with a total capacity of 212 megawatts.

The Clean Energy Finance Corporation and Investec have agreed to provide debt finance and working capital facilities totalling $190 million for the project.

The Lincoln Gap project also has offtake arrangements with ERM Power and Snowy Hydro.

“After working with Nexif Energy on the project for a number of years, it was fantastic to see financial close achieved,” said Herbert Smith Freehills lead partner Toby Anderson.

“The Nexif Energy team have done a great job on the Lincoln Gap Wind Farm development as well as securing offtake and project financing to move the project into construction. The construction of this new wind farm is another important step towards achieving Australia’s renewable energy target.”

Herbert Smith Freehills advised Nexif Energy on the procurement, long-term asset management, grid connection, corporate, planning, land and due diligence aspects of the project.

White & Case advised Nexif Energy for the financing, while Finlaysons advised the company on the South Australian aspects, including land tenure and due diligence, native title, grid connection, licensing and compliance. 

Pictured: Herbert Smith Freehills partner Toby Anderson