Deal: The State of Tasmania has been advised on the sale of Basslink (BPL) to APA Electricity T&D, a subsidiary of the APA Group.

Value: Undisclosed

Area: Corporate

Key players: The Ashurst team was led by partners Kylie Lane (corporate transactions) and Jeff Lynn (planning, access and environment), who were assisted by: associate John Saunders (corporate transactions); partners Ross McClymont and Michael Sloan, and senior associates Bernice Chen and Jake Overend (restructuring, special situations and insolvency); partner Costa Koutsis and senior associate Anthony Hui (tax); partner Chris Redden and senior associate Melany Wilson (international projects group); and partner Andrew Harpur (dispute resolution).

Deal significance: According to a statement provided by Ashurst, the State of Tasmania was a secured creditor of BPL, which entered administration and receivership in November 2021 after attempts at a solvent sale failed to proceed.

“APA was selected as part of a competitive sales process, in which the State of Tasmania played an active role. BPL owns and operates the Basslink Interconnector,” Ashurst said.

“The transaction was focused on securing a suitable owner and operator for the Basslink Interconnector, a key element of the State of Tasmania’s energy security, and negotiating acceptable terms to ensure that Tasmania’s energy security is protected over the long term.

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“The successful transaction also ensured the outcomes from the 2020 arbitrations involving Basslink, the State of Tasmania, and Hydro Tasmania were fully implemented.”

Commenting further, Ashurst partner Kylie Lane said: “We are delighted to have acted for the State of Tasmania on this significant and complicated transaction. We have supported the state over a number of years and are thrilled to have secured a successful outcome with the sale of BPL to APA and in the realisation of the state’s objectives for Basslink.”