Herbert Smith Freehills has advised CIMIC Group company Pacific Partnerships on the project financing of the 102 MWac/130MWdc Glenrowan Solar Farm in northern Victoria. Glenrowan Solar Farm is the first of the six successful projects chosen under the Second Victorian Renewable Energy Target Auction (VRET2) to achieve financial close.
VRET2 aims to bring further investment certainty in new energy projects, help meet the Victorian government’s renewable energy targets, and support the local communities and economies by, creating an estimated 920 direct jobs. As one of the projects selected, the energy generated by Glenrowan Solar Farm will support the Victorian Government’s commitment to achieve 100% renewable electricity consumption for its operations by 2025, and contribute to meeting Victoria’s new renewable energy storage targets.
Herbert Smith Freehills' cross-practice team included project finance partner Jon Evans, projects partners Daniel Ficyk and Kristen Percy, and corporate partner, Nick Baker, with support from senior associates Lisa Hamilton (project finance), Janine Chisholm (corporate) and solicitors Tia Liu (project finance), Hugh Pegler (projects), Sylvia Tran (project finance) and Yonnie Lipshatz (corporate).
Jon Evans said, “We are delighted to bring our deep expertise in the renewable energy sector to advise Pacific Partnerships on its Glenrowan Solar Farm project. This project is leading the charge as the first VRET2-supported project to achieve financial close, a vital step towards Victoria achieving its renewable energy targets by 2030.”
Herbert Smith Freehills advised Pacific Partnerships of the acquisition of Glenrowan Solar Farm in 2022.
Herbert Smith Freehills continues to contribute market-leading work in the renewable energy sector. Herbert Smith Freehills previously advised on several renewable energy projects involved in the first 2017 VRET auction, being the 85MW Winton Solar Farm, 336MW Dundonnell Wind Farm and 157MW Mortlake South Wind Farm.