White & Case Advises Neoen on AUD$350 Million Financing for a Power Hub to support a world-first for the Agribusiness Industry
Global law firm White & Case LLP has advised Neoen on the development and AUD$350 million project financing of the Bulgana Green Power Hub, a 194MW wind farm and 20 MW battery storage facility to be constructed near Stawell in Victoria, Australia.
A world-first for the agribusiness industry, the Bulgana Green Power Hub will provide affordable, reliable and emissions-free electricity to Nectar Farms; an adjacent 30 hectare high-tech glasshouse that will produce pesticide-free fruit and vegetables for local and overseas buyers. Power not consumed by Nectar Farms will be delivered to the national grid under a Support Agreement with the State Government of Victoria, thereby reducing power prices and making a significant contribution to Victoria's renewable energy target.
White & Case partner Joel Rennie said, "The transaction is another market-leading example of the trend of battery storage being coupled with renewable technology to aid security of power supply. The transaction financing package is also market leading in terms of the tenor that is currently available in the market for renewables projects."
"By partnering with Nectar Farms and the Victorian Government, Neoen has demonstrated that renewable energy projects can unlock significant, long-term job opportunities for regional communities," said White & Case partner Ged Cochrane. "We are thrilled to have supported Neoen to deliver another innovative, emissions-free energy project."
Financed by KfW IPEX-Bank, Korea Development Bank and Société Générale the project achieved financial close on 19 March, 2018. When complete, the Power Hub will generate 740,000 MWh of clean, renewable electricity per annum, enough power to supply approximately 130,000 homes.
The White & Case team comprised partners Adeline Pang, Michelle Keen, Joel Rennie and Ged Cochrane, together with senior associates Kirsty Campbell, Paul Marshall, Isabella Jarrett, Oendrila Roy, Andrea Castle and associates Irene Argeres, Christina Koravos, Alena Kosmin and Sarah Oh.
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