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Second stage of renewables fund complete

Second stage of renewables fund complete

Kate Axup

Three firms have advised on the second stage of AGL Energy Limited’s Powering Australian Renewables Fund.

Firms: Allens (AGL Energy Limited and the Powering Australian Renewables Fund for the project financing); King & Wood Mallesons (QIC); Herbert Smith Freehills (lenders)

Deal: AGL Energy Limited has completed the second stage of its Powering Australian Renewables Fund.

QIC has joined AGL in the initiative as equity partner on behalf of its clients the Future Fund and those invested in the QIC Global Infrastructure Fund.

Value: Undisclosed

Area: Finance

Key players: The legal team advising AGL Energy Limited was led by Allens energy, resources and infrastructure partner Kate Axup (pictured).

The Allens team assisting Ms Axup on the transfer of the first two assets into the AGL fund were energy, resources and infrastructure partner Anna Collyer, corporate partner Marc Kemp, energy, resources and infrastructure senior associate Damien Hughes, energy, resources and infrastructure associates Danielle Jones and Oliver Hobbs, corporate associate Patrick Boyle and energy, resources and infrastructure lawyer Luisa Colosimo.

A separate team at Allens also advised the Powering Australian Renewables Fund and its sponsors, AGL and QIC, in relation to the project financing of both assets in connection with their transfer into the fund.

This team was also led by Ms Axup, with assistance from banking and finance partner Michael Ryan, banking and finance senior associate Lisa Zhou, banking and finance associate Tristan Kelly and banking and finance lawyer Eve Lonie.

Deal significance: The Powering Australian Renewables Find is an innovative financing initiative designed to unlock investment in the development of large-scale renewable energy infrastructure.

“We congratulate AGL and QIC on their progress in this groundbreaking initiative,” said Allens energy, resources and infrastructure partner Kate Axup.

“The project involved a large number of different teams from Allens in a number of different roles, so our project management experience was significant.

“We’re looking forward to working with AGL on the next stage of the process, the transfer of the Silverton Wind Farm greenfields project in NSW.”



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