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Herbert Smith Freehills has advised on the $650 million consolidated platform refinancing of Stages 1, 2 and 3 of the Hornsdale Wind Farm, located about 200 kilometres north of Adelaide in South Australia.
Source: hornsdalewindfarm.com.au
Firm: Herbert Smith Freehills (incoming and exiting lenders, Hornsdale).
Area: Project finance.
Value: $650 million.
Key players: The HSF were led by partners Elizabeth Charlesworth and Andrew McLean, with support from senior associate Gabby Herron-Cartwright and solicitors Hiroko Ito, Dave Thomas and Jacinta Dzarir.
Deal significance: Ms Charlesworth said: “The successful refinancing of the landmark Hornsdale Wind Farm on a platform basis represents the evolution of the Australian renewables market.
“While the sector is still experiencing growth, this transaction shows that onshore wind is increasingly being seen as a stable and mature asset class capable of delivering stable long-term returns for both debt and equity.
“This refinancing also shows that despite recent challenges in the market, the appetite is still there for good projects with solid fundamentals. Refinancings such as this one can deliver significant value to both debt and equity, and we expect to see a number of these platform-style financings in the coming year as investors look to consolidate their portfolios and capitalise on the benefits that come with economies of scale.”
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Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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Jerome Doraisamy
