
White & Case advises Atmos Renewables on the financing of Merredin Battery Energy Storage System
2 min read
Global law firm White & Case LLP has advised Atmos Renewables on the project financing of the Merredin Battery Energy Storage System (BESS) in Western Australia.
"This was Atmos Renewables’ first greenfield energy storage project to achieve a final investment decision, and being able to utilise its existing portfolio financing structure to finance the asset meant that financial close could be achieved in an efficient manner on favourable portfolio terms" said White & Case partner Joel Rennie, who led on the transaction. "We have seen an increasing number of sophisticated top tier renewables developers utilising their existing portfolio financing arrangements to add greenfield projects to their portfolios, whether this be through internal development or M&A activity, and Atmos Renewables now joins that group".
The Merredin BESS project, with a capacity of 100 MW/400 MWh, is located approximately 230 kilometres east of Perth. Co-developed with Nomad Energy, this is Atmos Renewables' first BESS project in Western Australia. The 100 MW battery with four hours of storage is expected to provide crucial grid network support and enhance the security of supply in the Western Australian Electricity Market. Upon completion, it is expected to be the first project in Western Australia constructed under the Australian Government’s Capacity Investment Scheme which aims to reach 82% renewable electricity by 2030. Atmos Renewables is fully owned by infrastructure funds managed by Igneo Infrastructure Partners.
The transaction was completed on 30 June.
The White & Case team which advised on the transaction was led by partner Joel Rennie (Sydney) and included partners Chris Settle (Melbourne), Tim Kennedy and Alicia Albury (both Sydney) and counsel Suzanne Rizk and Jenny Lo (both Sydney) and associates Laurence Judges, Kirsten Sugden, Brittany Garagounis, Shruti Sudarsan, Alistair Leung and Shika Hegde (all Sydney), Alice Noonan, Meryl Liew and Mikaylie Page (all Melbourne).
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