White & Case Advises ESCO on Australian Solar Farm
Global law firm White & Case LLP has advised ESCO Pacific (ESCO) on the development, equity sale and $A250 million project financing of the Finley Solar Farm, a 175 MW facility to be constructed near Finley in New South Wales, Australia.
"Australia's renewable energy market is continuing to mature and this transaction demonstrates the continued growth and confidence in corporate power offtake agreements by both debt and equity investors," said White & Case partner, Adeline Pang, who co-led the Firm's deal team.
White & Case partner Ged Cochrane, who co-led the team, said: "This project demonstrates the impact of renewable energy projects in reducing operating costs of local energy intensive industries."
Finley Solar Farm is supported by the largest corporate solar offtake agreement in Australia, a seven-year Power Purchase Agreement (PPA) with Bluescope. BlueScope has contracted for 66 percent of the output of the Finley Solar Farm including Large-scale Generation Certificates. Upon completion, the project is expected to generate sufficient electricity to power 60,000 homes and significant cost savings for Bluescope's operations.
The White & Case team in Australia which advised on the transaction was led by partners Adeline Pang and Ged Cochrane, and included partner Michelle Keen and associates Paul Marshall, Kirsty Campbell, Christina Koravos, Sarah Oh, Kirsten Sugden, Nick Crawford, Emma Jakeman, Barnaby Matthews and Alena Kosmin.
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