Infrastructure company advised on solar-gas project to power Pilbara mines
The Northern Australia Infrastructure Facility has been advised on the provision of a loan of up to $90 million to Alinta Energy, to fund the Chichester Solar Gas Hybrid Project (the project).
Firm: Allens (Northern Australia Infrastructure Facility).
Deal: NAIF’s loan will help fund the construction of electrical infrastructure at Fortescue Metals Group’s Chichester Hub iron ore mines, including a 60-megawatt solar panel plant and a 60-kilometre transmission line.
Area: Banking and finance.
Value: Up to $90 million.
Key players: The Allens team was led by partner Scott McCoy, who was supported by partner John Greig, senior counsel Phillip Cornwell, senior associates Michael Gibling, Katharine Ward and Jamie Guthrie, managing associate Larissa Chu, senior overseas practitioner Paul Grethe, associate Connie Ye and lawyer George Bishop.
Deal significance: Mr McCoy said: “We were thrilled to advise NAIF on a project that will set a benchmark for clean power and renewable energy in the resources sector. Once completed, Fortescue’s Christmas Creek and Cloudbreak mines will have the capability to rely solely on solar power during the day.”
“The transaction involved unique challenges, given the involvement of Commonwealth funds together with the Western Australian government as the lender of record. We were able to navigate these complexities to devise an innovative financing structure.”