White & Case Advises on Acquisition Financing of Loy Yang B Power Station
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Global law firm White & Case LLP has advised the senior lenders to Chow Tai Fook Enterprises (CTFE) on the financing of its acquisition from Engie and Mitsui of the 1,000MW brown coal-fired power plant Loy Yang B in Victoria, Australia.
"The financing package that has been put in place by CTFE for this asset was very well supported by CTFE's bank group and had a significant number of complex and bespoke aspects," said Sydney-based White & Case partner Joel Rennie, who led the Firm's deal team. "We advised on a successful transaction that supports CTFE's and Alinta Energy's growth into the electricity market on the east coast of Australia."
Loy Yang B supplies nearly 20 percent of Victoria's current energy needs. The acquisition comes less than a year after CTFE acquired Alinta Energy from TPG Capital.
The White & Case team which advised on the transaction was led by partner Joel Rennie with support from counsel Candice Ota (Melbourne) and associates Alyse Mobrici, Laura Baykara (both Melbourne) and Joe Park (Sydney). Other advisors involved were Gilbert + Tobin, King & Wood Mallesons, Herbert Smith Freehills, Lazard and Rothschild & Co.
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