Global law firm White & Case LLP has advised Neoen on an AUD$1.8 billion financing for a new portfolio of renewable energy generation and storage projects and on the restructuring of its existing portfolio financing.
"Advising Neoen Australia on its second portfolio financing is among the largest and most sophisticated renewable energy financings of its kind," said White & Case partner Ged Cochrane, who co-led the Firm's deal team. "The financing was structured to further de-risk Neoen's operational assets and facilitate bespoke offtake products for its customers."
The financing includes senior term loan, capital expenditure and contingent instrument facilities provided by a syndicate of Australian and international banks and financial institutions. Proceeds will refinance existing project-level debt and support the development of new generation and storage assets.
"This complex transaction reflects continued lender appetite for well-structured renewable energy assets and provides Neoen with a strong platform to bring new generation and storage projects to market," said White & Case partner Paul Marshall, who co-led the Firm's financing deal team.
Initially, the portfolio will comprise five projects: the 440 MW Culcairn Solar Farm, the 215 MW Culcairn Battery, the 179 MW Narrogin Wind Farm, the 209 MW Goyder 1A Wind Farm and the 150 MW Hornsdale Power Reserve Battery, with Neoen continuing to provide operational support to all the projects.
The White & Case team was led by partners Paul Marshall and Ged Cochrane and included partners Chris Settle and Andrea Reeves (all Melbourne) and Joel Rennie (Sydney). The team also included counsel Mark Burrows and associates Barnaby Matthews, Maiken Hansen, Aileen Fitzmaurice, Elloise Campbell, Belinda Vu and Julia Goldberg (all Melbourne).
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