Freehills, Allens Arthur Robinson and Norton Rose have advised the project financing of a $1 billion joint wind farm venture between Australia and New Zealand.
Allens advised NZ's largest renewable electricity generator Meridian Energy Ltd (Meridian) on its share of the development and construction costs of the wind farm joint venture with Australia's largest renewable electricity generator, AGL.
Due for completion in 2013, the 420 megawatts (MW) Macarthur wind farm in southwest Victoria will be the largest wind farm in the southern hemisphere and one of the biggest in the world. It will have the capacity to power more than 20,000 homes and create significant employment opportunities.
Freehills acted for Australia and New Zealand Banking Group Limited (ANZ) and the Danish export credit agency, Eksport Kredit Fonden who were the lead arrangers/underwriters for the transaction, while Norton Rose advised AGL.
Under the deal, which closed on 8 September, Meridian secured $386 million in syndicated debt facilities, including a portion of debt being provided by Eksport Kredit Fonden.
Allens partner Anna Collyer and senior associate Michael Ryan led the Allens team on the matter.
'The deal demonstrates the value that renewable energy can bring to Victoria,' said Collyer.
We would hope that investment of this nature can continue to thrive and contribute to the development of a low carbon economy.'