White & Case Advises Neoen on Hornsdale Power Reserve Expansion and Financing
Global law firm White & Case LLP has advised Neoen on the expansion and project financing of the Hornsdale Power Reserve in South Australia.
"The Hornsdale Power Reserve is the first standalone battery project in Australia to secure non-recourse project financing," said White & Case partner Ged Cochrane, who co-led the Firm's deal team. "Supporting grid stability with synthetic inertia technology will be critical if renewable energy is to begin dominating our energy mix."
The original 100 MW /129 MWh battery storage facility will be expanded by 50 MW/64.5 MWh, further cementing its position as the largest lithium ion battery in the world. The Hornsdale Power Reserve will also be the first grid-scale battery in Australia to provide inertia benefits to the National Electricity Market.
The Hornsdale Power Reserve battery is located in Jamestown, South Australia and commenced operation in late 2017. The 50 MW/64.5 MWh expansion, which secured funding from the Clean Energy Finance Corporation, the South Australian Government and the Australian Renewable Energy Agency, is expected to be completed in the first half of 2020.
The White & Case team that advised on the transaction was led by partners Ged Cochrane, Adeline Pang and Michelle Keen (all Melbourne) and Joel Rennie (Sydney), together with associates Kirsty Campbell, Paul Marshall, Barnaby Matthews, Sarah Oh and Ned Simpson (all Melbourne) and Emanuel Blum and Kevin Chen (both Sydney).
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