Herbert Smith Freehills has advised Abu Dhabi Future Energy Company (Masdar) on its investment in the East Rockingham Resource Recovery Facility in Western Australia.
Firm: Herbert Smith Freehills (Masdar)
Deal: Herbert Smith Freehills has advised Abu Dhabi Future Energy Company (Masdar) (a subsidiary of Mubadala) on its acquisition of a 40 per cent stake in the $511 million East Rockingham Resource Recovery Facility in Western Australia.
Value: $204.4 million.
Key players: The Melbourne-based team advising on Masdar’s investment was led by energy, infrastructure and resources executive counsel Neena Aynsley and corporate partner Nick Baker, supported by solicitor Madeleine Miller.
Deal significance: The project, on which construction will start this month, is expected to process 300,000 tonnes of municipal and industrial waste each year to generate approximately 29 megawatts of electricity.
In addition to bank debt, the project is supported by funding from the Clean Energy Finance Corporation (CEFC) and Australian Renewable Energy Agency (ARENA).
Ms Aynsley commented: “We are delighted to assist Masdar with its first strategic investment in Australia and to continue to be at the forefront of new energy technology projects in Australia. Energy from waste has a role to play in closing the loop in developing a circular and sustainable economy in Australia and addressing our landfill problem.”
The East Rockingham Resource Recovery Facility is only the second energy waste facility project to reach financial close in Australia. It is another example of Herbert Smith Freehills’ market-leading work in energy, and in particular energy from waste space.
The project reflects the growing interest in energy from waste projects in Australia, as well as the broader Asia-Pacific region in addressing waste issues and reducing carbon emissions.