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City of Sydney advised on carbon-neutral energy deal
Norton Rose Fulbright has advised the City of Sydney on its 100 per cent carbon-neutral energy deal.
Emma Musgrave
Source: cityofsydney.nsw.gov.au/council/contact-us/customer-service-centres/town-hall
Firm: Norton Rose Fulbright (City of Sydney)
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Deal: City of Sydney has been advised on all stages of its long-term renewable energy procurement process.
Value: $60 million
Area: Energy and resources
Key players: The Norton Rose Fulbright Sydney-based team was led by energy partner and head of power, Kelly Davies, and supported by regulatory partner Claire Forster, associate Laura Waterford and graduate Isabella Martinez-Sistac.
Deal significance: The $60 million renewable power purchase agreement (PPA) with energy business Flow Power is the largest standalone renewable energy transaction entered into by any Australian council to date, according to a statement from NRF.
“This deal is a key part of the City of Sydney’s commitment to addressing climate change, as the retail solution provided by Flow Power will enable the city to meet its goal of 100 per cent renewable energy procurement from 1 July 2020,” the statement said.
“The City of Sydney has been certified carbon-neutral since 2011, declared a climate emergency in June this year and is a member of the C40 Large Cities Climate Leadership Group.
“This deal will also provide the City of Sydney with a long-term price hedge against the ongoing volatility in the NSW electricity market and marks a key step in the evolution of the renewable PPA market in Australia. The innovative retail product provided by Flow Power is a ‘sleeved’ PPA, which means that Flow Power acts as an intermediary between the City of Sydney, as a customer, and the wind and solar generators which provide the renewable generation for the city,” the statement said.
Commenting further, NRF partner Kelly Davies said: “Large customers in the Australian electricity market continue to drive change in the clean energy retail offering”.
“It has been a pleasure to support the City of Sydney on this landmark deal that not only enables the city to advance its sustainable decarbonised future but also supports local communities and local jobs,” she said.
“It has also been a pleasure to work with my colleagues who are leaders in this space, especially Laura Waterford who played an instrumental role in the transaction from day one to execution.”
