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New Energy Solar trades energy with Kellogg’s
In a long-term power purchase agreement, Allens has advised New Energy Solar in a transaction with major cereal manufacturer Kellogg’s.
Naomi Neilson
Source: allens.com.au/people/a/kate-axup/
Firm: Allens (New Energy Solar)
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Deal: Allens advised New Energy Solar (NEW) and First Solar on its long-term power purchase agreement (PPA) with cereal manufacturer Kellogg’s (Australia) Pty Ltd, relating to the Beryl Solar Farm.
Value: Undisclosed
Area: Energy
Key players: Allens’ core legal team consisted of projects and development partner, Kate Axup, and associate Luisa Colosimo. Banking and finance partner Tim Stewart and associate Steven Faulkner also headed the project.
Deal significance: For a period of 7.5 years with an option to extend for an additional three years, Kellogg’s will acquire a percentage of the electricity from the Beryl Solar Farm and associated large-scale generation certificates.
The deal builds on Allens’ portfolio of corporate PPA work, with corporates seeing the benefits of securing longer term, fixed price electricity procurement arrangements.
Ms Axup said: “We’re seeing continued investor appetite in renewable energy assets and corporate PPAs. Following our involvement in NEW’s acquisition of the Beryl Solar Farm from First Solar, we were delighted to work with NEW and First Solar.”
The Beryl Solar Farm is a 110.9MWDC solar farm in NSW, owned by NEW and developed and operated by First Solar. Allens advised on the entire transaction, including the financing agreements.
