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Corrs, Freehills, act on Alinta deal
Corrs and Freehills have acted on a deal in which Alinta Energy has signed a binding agreement for the sale of a power station to Norilsk Nickel Cawse.
The New Lawyer
CORRS Chambers Westgarth and Freehills have acted on a deal in which Alinta Energy has signed a binding agreement for the sale of the Cawse Power Station to Norilsk Nickel Cawse. To continue reading the rest of this article, please log in. Create free account to get unlimited news articles and more! Corrs has advised Norilsk on the acquisition and associated infrastructure from Alinta. Alinta Energy and Norilsk have been in dispute in respect of the operation of the energy supply agreement and this transaction effects a settlement of all matters. The deal will realise proceeds of about $17.5 million, Alinta said in a statement. “Whilst the sale enables the recovery of current receivables, an impairment of the balance of the lease receivables will result in a net profit from the transaction of approximately $0.9 million following the release of remediation provisions,” it said. In addition to the power station acquisition, Corrs also advised Norilsk on the settlement and release of a dispute in respect of the operation of the associated energy supply agreement, ancillary agreements and the termination of those agreements. The power station (which comprises a cogeneration and desalination plant) is installed and located next to Norilsk’s Cawse nickel and cobalt mine and processing facility and is an important addition to that existing infrastructure. The Corrs team advising on the acquisition was lead by corporate advisory partner Christian Owen together with James Nicholls (corporate advisory), Craig Milner (tax) and Beverley Kennedy (planning and environment) and the dispute aspects was handled by partner Kirsty Sutherland and lawyer Peter Clay. Freehills were the advisors to Alinta.
