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Chinese government acquires NSW wind farm
Two global firms have advised on the sale of a New South Wales wind farm to a Chinese government entity.
Stefanie Garber
Firms: Herbert Smith Freehills (Banco Santander SA); King & Wood Mallesons (State Power Investment Corporation of China)
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Deal: SPIC bought the Taralga Wind Farm in New South Wales from Inversiones Capital Global SA (ICG), a wholly owned subsidiary of Banco Santander SA
Value: Undisclosed
Area: Energy
Key players: HSF’s team was led by partners David Ryan (pictured top) and Gerard Pike (pictured bottom), with assistance from senior associate Jon Evans and associates Michael D’Agostino and Arnica Mullins.
Deal significance:
The sale of the Taralga Wind Farm came about through a competitive trade sale process.
ICG was involved in the Taralga project from its initial development, according to a statement from Herbert Smith Freehills.
Reports from Reuters put the sale price at about $300 million.
The Taralga Wind Farm project has a 106.8MW capacity and comes with a 10-year power purchase agreement with Energy Australia.
SPIC also recently purchased the Pacific Hydro business, another deal in which HSF acted for the vendor IFM investors.
