Deal: Orora has been advised on an “innovative” long-term power purchase agreement (PPA) for the 228MW Lal Lal Wind Farm project, in a deal that involves arrangements between Orora, the owners of Lal Lal and Nephila Climate and Allianz Global Corporate & Speciality’s alternative risk transfer unit.

Value: Undisclosed.

Area: Projects.

Key players: The Allens team was led by partner Kate Axup, who was supported by managing associate Melissa Keane, partner James Darcy and senior associate Gabriela Wilson.

Deal significance: The effect of the deal, which also includes a proxy revenue swap, is to provide Orora with a fixed volume PPA with regards to electricity demand for its Victorian and NSW operations, Allens noted in a statement.

Commenting on the deal, Ms Keane said the firm was delighted to have worked with Orora, which is the “first of its kind in the Australian market”.

Ms Axup added: “Corporate PPAs are helping large consumers of electricity to hedge their exposure to high electricity prices, at the same time as adding to their green credentials.”

VIEW ALL

“They are also providing project sponsors with a new way to get their projects off the ground,” she said.