Firm: Allens (SSROC)
Deal: Allens has advised the SSROC on its power purchase agreement with Origin Energy.
Key players: Allens’ lead partner on the deal was Anna Collyer. Senior associate Danielle Jones, associate Dale Straughen and lawyer Mohamed Khairat made up the team.
Deal significance: Under the agreement’s terms, 20 councils will acquire a fixed amount of renewable electricity and associated environmental certificates from Moree Solar Farm at a fixed price. Origin will supply the remainder of the electricity from the grid.
The councils forming the power purchase agreement include Bayside, Campbelltown, Canada Bay, Canterbury-Bankstown, Georges River, Hunters Hill, Inner West, Ku-Ring Gai, Lane Cove, Liverpool, Mosman, North Sydney, Parramatta, Randwick, Ryde, Singleton, Sutherland Shire, Waverley, Willoughby and Woollahra councils.
Speaking on the deal, partner Anna Collyer said the power purchase agreement demonstrated there is flexibility in the market for negotiation of better power deals.
“Collaborating with SSROC to negotiate a contract structure suited to the specific needs of participating councils was a very rewarding experience for the Allens team,” she said.
Through the PPA “the councils have secured their electricity supply up to 2030, which includes a fixed volume of renewable electricity at a fixed price,” Ms Collyer said.
“The agreement also provides councils with the opportunity to approach the market again in three years to amend the firming arrangements or to increase their offtake of renewable energy.”
As well as accessing lower electricity prices, it assists the councils in “minimising pricing risks and reducing carbon emissions,” Ms Collyer said.