White & Case advises lenders on NZ$285 million financing for Glorit Solar Farm

Global law firm White & Case LLP has advised ANZ Bank New Zealand, Bank of China, China Construction Bank, DZ Bank and Mizuho on the NZ$285 million project financing of the 171MWdc Glorit Solar Farm in New Zealand.

"The Glorit Solar Farm is another exciting milestone for New Zealand's renewable energy sector," said White & Case partner Cameron Watson, who led the Firm's deal team. "The transaction features a sophisticated multi-tranche, limited recourse financing structure and a diverse syndicate of national and international lenders, reflecting strong confidence in the project's fundamentals and the credibility of the sponsors. We are delighted to have once again supported Lightsource bp and Contact Energy in bringing a major solar project to financial close."

The Glorit Solar Farm is co-owned by Lightsource bp and Contact Energy and will be located on the Kaipara Coast, approximately 53 kilometres north of Auckland. The solar farm is expected to have an operational life of at least 35 years and will connect to the existing Transpower 220kV transmission network via a 1.5km dedicated connection.

White & Case has previously advised the lenders on each of Lightsource bp and Contact Energy's solar projects in New Zealand, including the Kōwhai Park solar project located adjacent to the Christchurch International Airport, as well as Lightsource bp's solar projects in Australia, including Wellington North, Wunghnu, Woolooga, West Wyalong and Wellington South located across New South Wales, Victoria and Queensland.

The White & Case team in Sydney which advised on the transaction was led by partner Cameron Watson and included associates Kevin Chen, Shane Dunleavy and Max Drummond.

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