Deal: RES Australia has been advised on the development, offtake, project financing, and sale of the Dulacca Wind Farm. 

Value: Undisclosed.

Area: Projects and development.

Key players: The Herbert Smith Freehills team was led by partners David Ryan, Gerard Pike, Elizabeth Charlesworth, Luke Simpson, Peter Davis, and Toby Anderson, with assistance from senior associates Arnica Mullins and Josh Singer, and solicitors Jacqui Fetchet, Michael Bidwell, Hiroko Ito, Josephine Macmillan, Aditya Shivam, and Stephanie Simm.

The Norton Rose Fulbright team was led by partner Steven Choi, with assistance from senior associate Paul Hedderwick and associates Soorim Cha and Josh Hayes. Jo Crew, Norton Rose Fulbright’s head of projects and construction in Australia, and partner Emanuel Confos also supported the team.

In addition to acting for RES, a separate Norton Rose Fulbright team, led by partner Luke van Grieken, assisted Vestas in preparing and negotiating key subcontracts for this project. This included the electrical balance of plant subcontract RJE Global Pty Ltd and the civil balance of plant subcontract with MPC Group Pty Ltd. Luke van Grieken was supported by senior associate Andrew North and associate Lachlan Wood.

The Ashurst team was led by partner Chris Redden and included partners Paul Newman, John Briggs, Tony Denholder, Tim Mathers and Ian Kellock, counsel Lixian Liang and Bronwyn Kirkwood, senior associates Stephen Blair, Andre Dauwalder, Libby McKillop, Paul Wilson, Harry Stone, Samantha Marsh and Kate McKenzie, associate Fiffy Che and graduate Joanna Ma.

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Deal significance: RES Australia is described as the world’s largest independent renewable energy company and is based in the UK with Australian offices in Sydney and Melbourne.

The 180 megawatts Dulacca Wind Farm is located in the Western Downs region of Queensland with the project reaching financial close on 27 August 2021 upon which it was acquired by Octopus Australia.

According to HSF, the wind farm will comprise 43 Vestas wind turbines to generate 180MW of renewable power and is supported by a long-term offtake agreement with the Queensland Government-owned CleanCo., Commonwealth Bank of Australia, ING Bank (Australia) Limited, MUFG Bank, Ltd, Sumitomo Mitsui Banking Corporation, and Westpac Banking Corporation have committed the construction and term project financing debt facilities, the firm said.

NRF's statement added that the project will generate between 150-200 direct jobs during the construction period and will offer a community benefit fund for the local Dulacca and Drillham communities to provide funding opportunities for local projects, community groups, and organisations.

“We are pleased to have closed another renewable energy project with the RES team. We worked closely together to find the right solutions and risk allocations to deal with all the challenges currently facing wind farm projects in Australia, especially around grid connection risk and potential delays to procurement and the works caused by COVID-19 impacts," said NRF's Steven Choi.

"The completion of this project marks the next step in Australia’s energy transition.”

Commenting on behalf of HSF, Luke Simpson said:

“It has been a pleasure to advise RES Australia on Dulacca. This is an excellent Queensland wind project which is the next big step in a growing renewables generation fleet in the Queensland market.”

HSF's Gerard Pike added: “Credit to RES, Octopus, the Banks, Vestas, Ergon Energy, and CleanCo in bringing this project to financial close and into construction under extremely challenging lockdown conditions in the southern States."

Commenting on behalf of Ashurst, partner Chris Redden said:

"Ashurst is delighted to have advised on the financing of Dulacca Wind Farm, which will provide a significant boost to renewable power generation in Australia."

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