Global law firm Herbert Smith Freehills has advised Tilt Renewables on the project development of the 396 megawatts Rye Park Wind Farm, located in NSW.
Firm: Herbert Smith Freehills (Tilt Renewables).
Deal: Tilt Renewables has been advised on all aspects of the procurement and connection of the Rye Park Wind Farm.
Area: Finance, projects and development.
Key players: The sponsor-side Herbert Smith Freehills team was led by partners Daniel Ficyk and Toby Anderson, who advised on the procurement aspects of the wind farm, including wind turbine supply and installation and operation and maintenance arrangements with Vestas; and balance of plant engineering, procurement and construction arrangements with Zenviron.
Partner Kristen Percy advised on grid connection arrangements, and senior associate Stuart Robertson on land aspects.
The Herbert Smith Freehills team acting for the financiers was led by partner Gerard Pike with support from senior associate Nadine Kilpatrick and solicitors Beryl Yan and Sean Carr.
Deal significance: Tilt Renewables is a developer, owner, and manager of renewable energy generation assets in Australia. The company forms part of leading Australian renewable energy provider Powering Australian Renewables (PowAR) after the latter acquired it via a scheme of arrangement.
The Rye Park Wind Farm is described by HSF as a significant renewable energy development located near Rye Park, New South Wales and is the first wind farm in Australia to be project financed using a split procurement structure, the firm said.
"The wind farm is supported by a 15-year Power Purchase Agreement (PPA) with Newcrest for approximately 55 per cent of the wind farm’s generation," HSF added, noting that upon completion the wind farm "will comprise up to 66 turbines, with an expected installed capacity of 396 megawatts".
It is expected to be fully operational by Q1 2024.
Commenting further on the deal, HSF's Daniel Ficyk said: “That Tilt has been able to bring this significant, first-in-market project to financial close in challenging market conditions is testament to the hard work, resilience, and sophistication of Tilt’s development and leadership teams.
"We’re delighted to have supported Tilt in achieving such a successful outcome."
Gerard Pike added: “Achieving financial close on Rye Park is a real market moving moment for Tilt and PowAR. This is a big wind farm with a complex procurement package. It marks a big step forward in the renewable energy market, given how challenging it has been to bring large-scale projects into construction in Australia in 2021".
"Big congratulations and kudos to the Tilt and PowAR Team”.