Firms: Allens (China Construction Bank Corporation); King & Wood Mallesons (Borrower and Sponsors' Australian, People's Republic of China and Hong Kong Counsel); Herbert Smith Freehills (IFM Investors); Zhong Lun Law Firm (People's Republic of China and Hong Kong counsel to the finance parties)
Deal: China Construction Bank, Sydney Branch, was the arranger and agent for two syndicates of international banks to fund the acquisition of Pacific Hydro.
Value: Approximately A$1 million and US$950 million facilities were provided by a three-bank syndicate and US$750 million facility by a five-bank syndicate.
Area: Banking and finance
Key players: The Allens team comprised Renee Boundy (pictured), lead partner; Nick Adkins, partner; Scott McCoy, managing associate; Thomas McAuliffe, managing associate; Yu Zhang, senior associate; and Steven Faulkner, associate.
The HSF team was led by partners David Ryan, Gerard Pike and Juan-Jose Zentner, who were supported by senior associates Nikki Carroll and Miles Wadley, solicitors Bailee Walker and Matt Sercombe and graduates Barnaby Matthews and Samantha Sutton.
Deal significance: Pacific Hydro is a Melbourne-based renewable energy company, which was acquired by IFM in 2005. It owns 900 megawatts of generation capacity across 19 hydropower dams and wind farms in Australia, Chile and Brazil, as well as a significant pipeline of wind and hydro development projects in Australia, Chile and Brazil.
Lead partner Ms Boundy said the financings were “strategically important to enable the buyer to fund renewable and clean energy projects across the region and in South America”.
The financing was led by China Construction Bank, Sydney branch, and involved a number of other leading global banks.
“China Construction Bank's role in this deal, and other recent transactions like its acquisition of the RBS Australian commercial loan portfolio last year, reflect the bank's commitment to growing its Australian business and supporting domestic and Chinese investment in Australia,” Ms Boundy said.
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