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Australia's largest solar PV project receives backing

Australia's largest solar PV project receives backing

Two firms had been involved in a deal which saw an international consortium advised on the purchase of Australia’s largest ready-to-build solar PV project.

Firms: Norton Rose Fulbright (Enel Green Power and Dutch Infrastructure Fund); PwC Legal (Reach Solar Energy)

Deal: An international consortium comprised of Enel Green Power (Enel) and Dutch Infrastructure Fund (DIF) has been advised on the purchase of the 275-megawatt Bungala Solar PV project from local developer Reach Solar Energy.

Value: Undisclosed

Area: Energy and resources, projects, M&A

Key players: The Norton Rose Fulbright team was led by global head of energy Simon Currie, supported by lead special counsel Raymond Lou.

The team included partners Noni Shannon, Emanuel Confos and Justin Lucas; senior associates Kelly Davies, Steven Choi, Jacqueline Plant, Claire Whitney and Nicole Bury; associates Alicia Snyders, Sonali Seneviratne, Lana Tian, Tom Bramah and Ben Carrozzi; and lawyers Mehere Maladina and Sorrel Palmer.

Milan partner Arturo Sferruzza and Amsterdam partner Wouter Hertzberger also advised on the deal.

Deal significance: The 275-megawatt Bungala Solar PV project is currently the largest ready-to-build PV project in Australia.

As part of its construction, Italian power company Enel, via its renewable energy subsidiary Enel Green Power S.p.A (EGP), has teamed up with leading global infrastructure investor DIF.

Construction work on the first 137.5MW of the project is expected to start by mid-2017, with the overall 275MW project becoming fully operational by the third quarter of 2018, according to a statement from Norton Rose Fulbright.

The Bungala Solar project is designed to generate around 570GWh a year, equivalent to the consumption needs of approximately 82,000 Australian households, avoiding the emission of about 520,000 tonnes of CO2, NRF noted.

“South Australia is viewed as a lab for the transformation of the energy sector,” said Norton Rose Fulbright global head of energy Simon Currie.

“Bungala is a world-class solar PV project which will add much-needed capacity to the South Australian electricity system and bring new industry to the Port Augusta region.

“Enel and DIF are major global players, and this investment demonstrates the international attractiveness of the opportunities in South Australia and the Australian energy market.”

 

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