Financing syndicate advised on Snowtown 2 wind farm
A syndicate of financers has been advised on the $616 million standalone project financing for Tilt Renewables’ 270-megawatt Snowtown 2 Wind Farm in South Australia.
Firm: Herbert Smith Freehills (syndicate comprising Australia and New Zealand Banking Group, BNP Paribas, Commonwealth Bank of Australia, Credit Agricole, MUFG Bank, National Australia Bank [which also acted as agent and security trustee], Societe Generale, and Westpac Banking Corporation); Gilbert + Tobin (Tilt Renewables Limited).
Deal: Herbert Smith Freehills has advised the financiers on the $616 million standalone project financing for Tilt Renewables’ 270-megawatt Snowtown 2 Wind Farm in South Australia, which reached financial close on 24 October 2019.
Area: Project finance.
Value: $616 million.
Key players: The HSF finance team was led by finance partners Gerard Pike and Jon Evans, who were supported by projects partner Alison Dodd, senior associates Caroline Rowe, Jennifer Brightling, and David Ong, solicitors Olivia Mitchell, Ellen Gandy and Will Kennedy, graduate JX Zheng, and paralegal Jana Mavroidakos.
Another HSF finance team, led by finance partner Miles Wadley, with support from solicitors Beryl Yan and Stephen Fitzpatrick and graduate Luke Kavanagh, acted for the portfolio debt financiers that were partially refinanced by the new project financing loan.
Deal significance: Speaking about the deal, Mr Evans said: “We are proud to have advised the financiers in relation to another major financing transaction undertaken by Tilt Renewables.”
“This transaction marks a significant milestone for the operating of Snowtown 2 Wind Farm and the strong support from lenders demonstrates the compelling commercial fundamentals that underpin the project,” he said.