White & Case Advises Lenders to Lightsource bp on A$330 Million Portfolio Project Financing of Australian Solar Farms
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Global law firm White & Case LLP has advised Westpac Banking Corporation, Export Development Canada, ING and Intesa Sanpaolo on the portfolio project financing of two Lightsource bp greenfield solar farm projects in Australia: a 214MWdc solar farm located near Woolooga, Queensland and a 107MWdc solar farm located near West Wyalong, New South Wales.
"We advised the club of local and international financiers on the second and third greenfield solar projects to be developed by Lightsource bp in Australia, after having advised the financiers on the company's first Australian solar farm development in 2019," said White & Case partner Cameron Watson, who led the deal team.
"This transaction required a novel approach to the financing structure to facilitate two greenfield projects at different, but similar, stages of development. This is another example of the project finance market developing and evolving to support the continued growth of solar farms in Australia."
Once completed, the Woolooga Solar Farm will cover 500 hectares of land and power more than 60,000 homes in Queensland, saving 350,400 metric tonnes of carbon emissions. The West Wyalong Solar Farm will cover 280 hectares of land and power almost 40,000 homes in New South Wales, saving almost 200,000 metric tonnes of carbon emissions.
The White & Case team that advised on the transaction was led by partner Cameron Watson (Sydney) with support from partners Joel Rennie (Sydney), Michelle Keen and Candice Ota (both Melbourne), local partner Mark Montag (Sydney), counsel Andrea Reeves (Melbourne) and associates Danielle Ingham, Kevin Chen, Kian Newlyn (all Sydney), Kirsten Sugden and Michael McArdle (both Melbourne).
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