Global law firm White & Case LLP has advised the Commonwealth Bank of Australia, DNB Bank ASA and Westpac Banking Corporation, as senior lenders, on the project financing of the construction, operation and maintenance of the approximately 150 MW/300 MWh Riverina Energy Storage Project to be located in Darlington Point, New South Wales, Australia.
"This is a first-of-its-kind greenfield standalone battery energy storage project with limited recourse portfolio project financing provided by commercial lenders in Australia," said White & Case partner Joel Rennie, who led the Firm's deal team. "The project represents a key piece of energy infrastructure needed to continue driving Australia's transition to a clean energy future and provide reliable power in New South Wales."
Developed by Edify Energy Holdings Pty Ltd, the project reached financial close on May 31, 2022, which coincided with completion of the sale of a majority interest in the project to Federation Asset Management.
The combined 150MW/300MWh Riverina Energy Storage Project consists of three independent but co-located projects: the 25MW/50MWh Darlington Point Energy Storage System; the 60MW/122.7MWh Riverina Energy Storage System 1; and the 65MW/130MWh Riverina Energy Storage System 2.
Due for completion at the end of 2023 or early in 2024, the lithium-ion battery projects will bring flexible, dispatchable capacity to the New South Wales market, providing grid stability services and helping secure reliable electricity supply for New South Wales customers for years to come.
The White & Case team in Sydney which advised on the transaction was led by partner Joel Rennie and included associates Isabella Jarrett, Danielle Ingham and Shika Hegde.
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