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White & Case Advises Hana Financial Investment on Acquisition, Development and Project Financing of 162 MW Columboola Solar Farm

Global law firm White & Case LLP has advised Hana Financial Investment on the acquisition, development and project financing of the 162 MW Columboola Solar Farm in Queensland, Australia.

"This project is the first greenfield renewables project to be developed by a Korean investor in a developed overseas market that has been successfully project financed by international financiers," said White & Case partner Cameron Watson, who co-led the deal team. "We have worked closely with Hana Financial Investment, ICA Partners and Daeryook & Aju in developing and implementing a structure for the project which, combined with the 100 percent offtake agreement from Queensland government-owned energy business, CS Energy, ensured that the project could achieve financial close in challenging market conditions." 

"When completed, the Columboola Solar Farm will provide clean energy to the equivalent of 100,000 homes, or approximately 6 percent of all homes in the state, and will mark the taking of an important step towards Queensland's 50 percent renewable generation target by 2030," said White & Case local partner Mark Montag, who co-led the deal team. "It was also a fantastic achievement having regard to COVID-19 and the unique construction risks that this new environment has created for the delivery of the project by Sterling & Wilson." 

The White & Case team that advised on the transaction included partners Cameron Watson and Joel Rennie (both Sydney) Michelle Keen and Nirangjan Nagarajah (both Melbourne) and local partner Mark Montag (Sydney), with support from counsel Andrea Reeves (Melbourne) and associates Chris Wallace and Kian Newlyn (both Sydney) and Irene Argeres, Sarah Oh, Joshua Butler, Kirsten Sugden and Kirsty Ha (all Melbourne). 

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