Herbert Smith Freehills has advised Infigen Energy on the development of the Bodangora Wind Farm near Wellington in New South Wales.
Infigen, together with a consortium comprising GE and CATCON will construct the 113MW wind farm. Total project costs will be approximately $236 million and will be part funded from a $163 million construction facility provided by NORD/LB and Clean Energy Finance Corporation. The project is supported by a power purchase agreement under which EnergyAustralia will purchase 60% of the annual output produced over the period to December 2030.
Herbert Smith Freehills advised on all aspects of the transaction including procurement, project financing, connection, off take, property and planning.
The Herbert Smith Freehills team was led by partners Gerard Pike and Toby Anderson and supported by partners Kris Percy and David Ryan, executive counsel Peter Davis, senior associates Miles Wadley, Daniel Ficyk, Phillip Rattenbury, Micaela McLean and Caroline Rowe.
Gerard Pike said, ‘The Infigen team have done a great job on the Bodangora Wind Farm development as well as securing a long term offtake and long-tenor project financing to move the project into construction. The construction of this new wind farm is another important step towards achieving Australia’s Renewable Energy Target”.
Toby Anderson, Head of the Asia Pacific renewables team, said “We have seen considerable growth in the Australian renewables sector over the past 12 months and the first quarter of 2017 has been particularly busy for the firm’s renewables team in closing a number of projects. We congratulate Infigen Energy on achieving this significant milestone for the Bodangora Wind Farm”.
This deal is another example of Herbert Smith Freehills’ market-leading full service renewables team, which has recently advised on a number of other significant transactions in the Australian renewable energy industry, including advising:
· CEFC and MUFG on the project financing of the Longreach and Oakey Stage 1 Solar Projects in Queensland sponsored by Canadian Solar;
· First Solar on the project financing of Manildra Solar Farm;
· AGL Energy Limited on the development of the 200MW Silverton Wind Farm in western NSW; and
· Fotowatio Renewable Ventures on the development and project financing of the 100MW Clare solar farm in Queensland.