The firm tanked number one in the league tables for both deals count and deal value across Australia, with a total of 21 deals for the year that made up a combined value of nearly $6.8 billion.
The results placed them almost $2.8 billion ahead of second-highest renewables ranked firm with regard to project financing, King & Wood Mallesons.
Herbert Smith Freehill’s number one ranking builds on the firm’s previous success in the same league tables, where in 2017, the firm also ranked first with regard to value and count, advising on a combined value of renewable project financing deals worth $5.5 billion.
Partner Gerard Pike said the results showed a continuation of the firm’s market-leading renewables work in 2018, calling it “wonderful recognition of the market-leading practice of our project finance team in the renewables sector”.
“We couldn’t have achieved this result without the ongoing hard work of our dedicated lawyers and entrepreneurial clients, and these results clearly demonstrate that all of our hard work is paying off.”
Mr Pike said 2018 was another boom year for large-scale renewables projects Australia-wide.
“Transaction structures are becoming more sophisticated and complex as the power offtake market becomes more diverse, but project sponsors and financiers have navigated this, and the ongoing regulatory uncertainty about carbon policy and the replacement of the federal Renewable Energy Target, by achieving close on a record number of new renewables deals in 2018,” he commented.
“HSF is very proud to have been involved in the majority of groundbreaking deals in Australia and we expect the renewables market will continue on a similar trajectory in 2019.”
“We anticipate 2019 will be another very strong year in project finance and projects more generally for the firm,” Mr Pike continued.
Several of the significant renewables deals that Herbert Smith Freehills advised on last year included advising Commbank and Westpac on the project financing of NSW’s Darlington Point Solar Farm, advising ANZ and Westpac on the project financing of the Finley Solar Farm, also in NSW, and advising Tilt Renewables on the project development of Victoria’s Dundonnell Wind Farm.