White & Case Advises Nexif Energy on Financing of Snapper Point Power Plant
2 min read
Global law firm White & Case LLP has advised Nexif Energy on the project financing of the 154 MW Snapper Point Power Station in South Australia.
"Adding this dispatchable generation to the Nexif portfolio in Australia is the realization of a lot of hard work and commitment from the Nexif project team and key stakeholders including the South Australian Government," said White & Case partner Joel Rennie, who led the Firm's deal team. "It is great to see the addition of dispatchable power being coupled with renewable generation through the Nexif portfolio, culminating in Nexif being able to offer unique contracts to its customers."
The project will convert turbines using diesel to cleaner natural gas, and in conjunction with Nexif Energy's Lincoln Gap Wind Farm, provide firm renewable power to the grid.
Nexif Energy entered into a long-term agreement with the Government of South Australia to lease and operate five gas turbines generating units. The turbines are in the process of being relocated from their existing location at the former Holden factory in Elizabeth, South Australia to the new Snapper Point power plant site.
Snowy Hydro has entered a long-term contract for a portion of the project capacity with the balance used to firm up Nexif Energy's Lincoln Gap Wind Farm in South Australia with some excess capacity available to the market.
The power plant is scheduled to commence operations by December 2021.
The project has raised a limited recourse debt facility from Investec for financing the relocation and construction costs.
The White & Case team that advised on the transaction was led by partner Joel Rennie (Sydney), with support from partners Adeline Pang and Michelle Keen (both Melbourne), counsel Andrea Reeves (Melbourne) and associates Chris Wallace and Kian Newlyn (both Sydney) and Emma Dobb, Suzie Porritt and Kirsty Ha (all Melbourne).
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