Korea Zinc to develop and operate SE Qld wind farm
Global metals company Korea Zinc has been advised on its partnership with ACCIONA to jointly develop the 923-megawatt MacIntyre Wind Farm in Australia.
Firm: Baker McKenzie (Korea Zinc).
Deal: Under the joint venture arrangements, Korea Zinc subsidiary Ark Energy Corporation will take a 30 per cent stake in the MacIntyre Wind Farm while ACCIONA will retain a 70 per cent interest. Ark Energy and ACCIONA will collaborate on the late-stage development, construction, commissioning, operation and maintenance of the MacIntyre Wind Farm, which Baker said will be “one of the largest onshore wind farms in the world once fully operational in 2024”.
Area: Energy and resources.
Key players: The Bakers team was led by partner Tanya Denning, who was assisted by special counsel Sarah Merrett and Lauren Kirkwood, senior associates Robert Gough and Lev Gantly and associate Daniel Conti.
Deal significance: Speaking about the transaction, Ms Denning said: “This deal demonstrates Korea Zinc’s strong commitment to renewable energy in Australia, and represents a major step towards its Sun Metals zinc refinery in Townsville sourcing 100 per cent of its energy from renewables by 2040.”
Mr Gough added: “We are delighted to have assisted Korea Zinc in reaching this significant milestone, and we look forward to continuing to work with Korea Zinc and Ark Energy to bring the MacIntyre Wind Farm to financial close.”