White & Case Advises Neoen on Project Financing for Australian Solar Farm
2 min read
Global law firm White & Case LLP has advised independent sustainable energy producer Neoen on the development and A$198 million project financing of the Numurkah Solar Farm, a 128MW solar farm to be constructed north of Shepparton in Victoria, Australia.
The Numurkah Solar Farm is supported by a ten-year Green Certificate Purchase Agreement with the Victorian Government as well as a 15-year Power Purchase Agreement with SIMEC Zen Energy, a member of the GFG Alliance. The project will generate affordable and emissions-free electricity that will help to drive down energy costs at GFG's Laverton steelworks in Victoria.
"Construction of the Numurkah Solar Farm will see Neoen surpass 1GW of installed capacity in Australia," said White & Case partner Andrew Clark. "The White & Case team worked closely with Neoen to achieve this important milestone."
White & Case partner Ged Cochrane said: "By partnering with GFG and the Victorian Government, Neoen has demonstrated that renewable energy projects can unlock significant cross border investment in local, energy intensive industries. The transaction is another market leading example of long term debt financing in the renewables sector and is also the first of its kind, demonstrating the bankability of the corporate offtake solution offered by SIMEC Zen Energy."
Financed by the Clean Energy Finance Corporation, clients managed by Vantage Infrastructure, an independent specialist investment manager, as well as German Landesbank NORD/LB, the project achieved financial close on July 24, 2018. When complete, the Numurkah Solar Farm will connect to the national electricity grid and generate enough power to supply approximately 42,000 homes.
The White & Case team in Australia which advised on the transaction included partners Andrew Clark, Ged Cochrane, Adeline Pang and Michelle Keen, counsel Anna O'Reilly and associates Josh Dellios, Paul Marshall, Chris Settle, Emma Jakeman and Maneka Siva Nathan. King & Wood Mallesons advised the financiers.
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