EnergyAustralia refinances and sells Waterloo Wind Farm project in South Australia
Herbert Smith Freehills has advised Mandated Lead Arrangers Commonwealth Bank of Australia, Industrial and Commercial Bank of China Limited, Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd in connection with the limited project financing and potential expansion facility for the 111MW Waterloo wind farm project in South Australia.
In conjunction with this financing, EnergyAustralia sold 75% of its interest in the project to Palisade Investment Partners and Northleaf Capital Partners, and agreed to provide asset management services to the project.
Formerly known as TRUenergy, EnergyAustralia, a subsidiary of China Light & Power/The CLP Group, will retain a 25% equity interest in the wind farm and has signed a long-term contract with the jointly-owned entity to provide asset management services and maintain its commitment to engagement with the local community.
King & Wood Mallesons advised EnergyAustralia to put in place new project finance debt for the wind farm, so as to create an optimal capital structure for the project following the divestment.
Herber Smith Frehills Project Finance Partner Gerard Pike, said:
"We are very happy to have helped EnergyAustralia, Palisade Investment Partners, Northleaf Capital Partners and our clients, the Mandated Lead Arrangers, achieve Financial Close for this transaction. There is currently considerable appetite for investments in wind power projects in Australia and the Herbert Smith Freehills team is a market leader in acting for sponsors, financiers, developers and offtakers in this sector".
The Herbert Smith Freehills team was led by partners Gerard Pike and Lucy McCullagh and supported by solicitors Ged Cochrane and Micaela McLean.
Source: Herbert Smith Freehills & KWM
Country news
-
-
August 14, 2013
GIP to sell $1.2 billion stake in Brisbane port
"The Australian" reported on Monday that Global Infrastructure Partners (GIP) may be exploring the sale of its 26.7 % stake in the Port of Brisbane, after acquiring the asset in 2010 for $2.1bn in a consortium with Industry Funds Management (IFM), Queensland Investment Corporation (QIC) and Abu Dhabi Investment Authority. Read more -
August 16, 2013
Borealis Infrastructure to open Australia office
The Australian newspaper Financial Post has announced that Borealis Infrastructure, the infrastructure arm of the Ontario Municipal Employees Retirement System (OMERS), is planning to open an Australian office. The office would be its third after the ones in Toronto and London. Read more -
August 19, 2013
IFM's unsolicited bid for East-West project rejected
The Victorian Department of Treasury & Finance in late May 2013 received an unsolicited offer by Industry Funds Management. IFM proposed to fund, construct and run the planned east-west link toll road project's two phases simultaneously, at a cost of around $A12 bilion. Read more -
August 20, 2013
AMP Capital to grow residential aged care investment
AMP Capital announced on 19 August that Singapore-based G. K. Goh Holdings Limited will acquire a 47.62% stake in the AMP Capital managed residential aged care provider Domain Principal Group for A$136.7 million.In addition, AMP Life will increase its ownership from 42.5 per cent to 47.62 per cent. This means that GK Goh and AMP Life will both hold equal 47.62% interests in DPG as other clients re-weight their portfolios and exit the investment. The remaining stake in the company is held by DPG management. Read more -
August 20, 2013
AMP Capital acquires 49.99 % stake in Queensland Schools Project
AMP Capital has announced that AMP Capital Community Infrastructure Fund (CommIF) has acquired a 49.99% equity interest in the South East Queensland Schools Public Private Partnership (PPP) project from the Commonwealth Bank of Australia. Read more
