Herbert Smith Freehills has advised IFM Investors (IFM) on the completion of its sale of Pacific Hydro to China’s State Power Investment Corporation (SPIC). Completion of the deal follows the signing and announcement of the transaction on 16 December 2015.
Pacific Hydro, which was acquired by IFM in 2005, owns 900 megawatts of generation capacity across 19 hydropower dams and wind farms in Australia, Chile and Brazil, as well as a significant pipeline of wind and hydro development projects in Australia, Chile and Brazil.
The Herbert Smith Freehills team was led by partners David Ryan, Gerard Pike and Juan-Jose Zentner, who were supported by senior associates Nikki Carroll and Miles Wadley, solicitors Bailee Walker and Matt Sercombe and graduates Barnaby Matthews and Samantha Sutton.
Gerard Pike commented: “We are very proud to have helped IFM to achieve completion of the sale of Pacific Hydro after what has been a challenging and competitive process.
“Our team had expertise that stretched across a range of practice areas and regions and a strong working knowledge of Pacific Hydro’s business, built up over 14 years of working together. This combined to help us achieve a successful sale to SPIC. We commend IFM, SPIC and the advisers involved in the completion of this landmark transaction.”
IFM was also advised by Bank of America Merrill Lynch and Credit Suisse. King & Wood Mallesons acted for SPIC and Allens advised China Construction Bank Corporation in relation to the financing of the deal.