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Australia’s ‘largest’ solar farm reaches financial close
White & Case and King & Wood Mallesons have advised on the financial close of what will become Australia’s largest solar farm upon completion.
Emma Musgrave
Firms: White & Case (Neoen); King & Wood Mallesons (financiers: Natixis, Société Générale, Sumitomo Mitsui Banking Corporation, MUFG Bank, NORD/LB, HSBC and Commonwealth Bank of Australia.)
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Deal: The Western Downs Solar Farm has successfully reached financial close.
Value: Undisclosed
Area: Finance, energy and resources
Key players: The team advising Neoen was led by White & Case partners Ged Cochrane, Adeline Pang and Michelle Keen (all Melbourne) with support from associates Paul Marshall, Ostiane Goh-Livorness, Emma Dobb, Chenez Dyer Bray, Lia Adalia, David Lagesse and Kirsty Campbell (all Melbourne).
The team advising the financiers was led by partner Chris Dynon, who was supported by senior associates Madeleine Coates, Josh Thorneycroft and Kathryn Tomasic, and solicitors Shubho Mukherjee, Louise Yun and Sam Hill.
Deal significance: The Western Downs solar farm, which is located in Queensland and developed by Neoen has successfully reached financial close and commenced construction.
The project is backed by the Queensland government and upon completion will be the largest solar farm in Australia with the capacity to power 235,000 homes across the state. It is supported by a long-term power purchase agreement from CleanCo, a Queensland government-owned renewable energy company.
The solar farm is expected to begin generating electricity in the first quarter of 2022.
Commenting on the financial close, White & Case partner Mr Cochrane said: “The successful financing of the Western Downs Green Power Hub demonstrates the continued appetite amongst lenders for high quality renewable energy projects despite the challenging market conditions.”
“CleanCo’s support, coupled with Neoen’s proven track record of successfully delivering renewable energy projects, attracted a syndicate of leading domestic and international financial institutions.”
Meanwhile, King & Wood Mallesons partner Mr Dynon said: “We are delighted to have worked with the financiers and other stakeholders in this project to reach this significant milestone.”
“The Western Downs Solar Farm will create jobs and increase renewable energy output in Queensland at a time when investment in projects such as this will have a tremendous impact on our recovering economies.”
