Firm: King & Wood Mallesons (QIC, on behalf of its clients the QIC Global Infrastructure Fund and the Future Fund)
Deal: QIC has purchased the 102 MW Nyngan and 53 MW Broken Hill solar plants, marking the transfer of the first two seed assets into the Powering Australian Renewables Fund (PARF).
Value: $257 million
Key players: The legal team advising QIC was led by KWM partners Craig Rogers (pictured) and Roderick Smythe, with support from senior associate Sharron Anderson and solicitors Javad Asghari, Josh Thorneycroft and Heather Kirkup.
Deal significance: PARF is an innovative financing platform established in July in partnership with AGL to invest in large-scale renewable energy assets and projects.
AGL provided $200 million in equity funding to the PARF on behalf of its clients the Future Fund, while the QIC Global Infrastructure Fund provided $800 million.
“This first acquisition has demonstrated the success of PARF’s investment framework and governance, and we are pleased to have helped our client reach this significant milestone,” KWM partner Craig Rogers said.
“We look forward to continuing to support QIC on their continued expansion of their renewable energy asset portfolio through PARF.”