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Shell Energy and Foresight Group acquire WA project
International law firm Baker McKenzie has advised Shell Energy and Foresight Group on their acquisition of a Western Australia-based energy project.
Emma Musgrave
Firms: Baker McKenzie (Shell Energy and Foresight Group); Undisclosed (Goldwind and Lacour Energy)
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Deal: Shell Energy and Foresight Group (formerly Infrastructure Capital Group) on their acquisition of the Kondinin Energy Development Project (Kondinin) from Goldwind and Lacour Energy.
Value: Undisclosed
Area: Merger and acquisition; energy; projects
Key players: The Baker McKenzie team was led by partner Lucas Tyszkiewicz with support from Daniel Ravikovitch, Isaac Evans, Tom Henderson, Samuel Allam, Kerrie Duong and Tanya Denning.
Deal significance: According to a statement provided by Baker McKenzie, Kondinin is located approximately 245 kilometres east of Perth and comprises 370 megawatts of renewable development assets across various stages, including wind, solar, and battery energy storage system assets. The first stage of Kondinin, a 121-megawatt wind farm, is expected to start construction in 2024, the firm flagged.
As part of the transaction, Shell and Australian Renewables Income Fund (managed by Foresight Group) entered into a new 50/50 joint venture to acquire Kondinin.
Commenting further on the deal, Baker McKenzie’s lead partner on the deal, Lucas Tyszkiewicz, said: “We are pleased to have again advised Shell Energy and Foresight Group on a joint renewables investment.
“This deal will result in the development of a major new source of renewables generation in Western Australia’s Wheatbelt region and is complementary to the WA state government’s new interim emissions targets set earlier this year.”
