Minter Ellison has advised AGL in the first trade in Australian emission trading units.
The forward trade saw AGL Hydro Partnership sell 10,000 tonnes of Australian emission trading units (AETUs) to Westpac at $19.00 a tonne, for settlement on February 1, 2012.
AGL engaged Minter Ellison to construct the documentation around which AETUs are traded.
The work was led by Melbourne-based partner Mitzi Gilligan. The key challenge faced by the team was to draft documentation that sufficiently covered the field of plausible outcomes, while still enabling a degree of certainty of what is to be traded.
Recycling will also play a part in the green deal. Gilligan said the documentation prepared for the transaction would be used in future trades already foreshadowed by AGL.
“The entire market is facing a paradigm shift in a carbon-constrained world,” Gilligan said.
“Helping AGL capitalise on its market-leading position in the renewable energy space through this innovative transaction has been enormously satisfying. We have advised AGL for a number of years, and love working with an international leader in its field.”
See News section for further coverage of this deal