Solar farm financing complete
Firm: Gilbert + Tobin (National Australia Bank and Sumitomo Mitsui Banking Corporations); Herbert Smith Freehills (Fotowatio Renewable Ventures)
Deal: National Australia Bank (NAB) and Sumitomo Mitsui Banking Corporation (SMBC) have funded the construction of the Clare Solar Farm project. Fotowatio Renewable Ventures own the new solar farm.
Key players: The legal team advising NAB and SMBC was led by Gilbert + Tobin partners Christopher Flynn and Simon Lynch, with assistance from lawyers Adela Smith, Tim Kennedy and Corrie Eames.
The legal team advising Fotowatio Renewable Ventures was led by Herbert Smith Freehills partners Toby Anderson and Brendan Quinn, with assistance from senior associate Daniel Ficyk and solicitors Matthew Selth, Elise Bulla and Alena Kosmin.
Deal significance: Once completed, the Clare Solar Farm project will generate more electricity than any other solar farm in Australia. It is the first utility-scale solar generation facility in Australia to secure financing purely on the basis of a commercial power purchasing agreement, without any additional grant funding.
Gilbert + Tobin partner Christopher Flynn said this deal required the team to provide expert advice in relation to the provision of debt services, while ensuring smooth negotiation and finalisation of the project, connection and land tenure and financing arrangements.
Mr Lynch said the team are delighted to have acted for NAB and SMBC.
"The seamless execution of the transaction highlights the team's continued success in providing our clients with efficient and responsive advice, reinforced by our considerable expertise in the project financing and renewables sectors," Mr Lynch said.
Herbert Smith Freeehills partner Tony Anderson said: “Our team has worked very closely with FRV to reach this milestone. Achievement of financial close was due to a huge level of work and commitment from all involved. It will be fantastic to see construction of this landmark solar farm commence and then become operational.”