Global law firm White & Case LLP has advised Neoen on its AUD$1.1 billion portfolio financing in Australia.
"Neoen has joined a select group of market leading renewable developers in Australia with the quality of operational and development portfolio required to support a portfolio financing arrangement," said White & Case partner Joel Rennie who led the Firm's deal team. "The structure of the financing will facilitate Neoen delivering future greenfield development opportunities and add existing operational assets to the portfolio."
The deal enables the refinancing of approximately AUD$700 million of single asset-level debt with the remainder dedicated to the financing of new assets. The portfolio includes seven of Neoen Australia's operating assets, comprising of three solar farms (Western Downs Green Power Hub, Coleambally Solar Farm and Numurkah Solar Farm) and four wind farms (Bulgana Green Power Hub and Hornsdale Wind Farms 1, 2 and 3), as well as funding the development of future assets, the first of which is Collie Battery Stage 1 in Western Australia. The financing was provided by a syndicate of 11 Australian and international banks.
The portfolio provides Neoen with the flexibility to support its future growth, including its ambition to reach 10GW in Australia by 2030.
The White & Case team which advised on the transaction was led by partner Joel Rennie (Sydney) and included partners Ged Cochrane and Chris Settle (both Melbourne) and associates Isabella Jarrett, Laurence Judges, Kirsten Sugden, Shika Hedge, Siqi Chen, Alistair Leung (all Sydney), Barnaby Matthews, Donovan Ang, David Lagesse, Fiona Blanch, Ned Simpson, Meryl Liew and Charlie Barker (all Melbourne).
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