Herbert Smith Freehills has advised the commercial lenders to the RATCH-Australia sponsored Mount Emerald Wind Farm on the debt financing package and the construction and operation aspects of the project.
ANZ, Bank of Tokyo-Mitsubishi UFJ, NAB and Société Générale participated as lenders in the project finance construction and term debt financing package.
The 189MW Mount Emerald Wind Farm on the Atherton Tablelands near Mareeba in Northern Queensland will comprise 53 wind turbines supplied by Vestas and potentially generate enough electricity to power 75,000 homes each year. Construction of the $360 million wind farm is expected to commence in early 2017 and a 15 year power purchase agreement with Ergon Energy has already been secured.
The Herbert Smith Freehills team was led by partner Gerard Pike who was supported by senior associate Micaela McLean and solicitors Dale Sheedy and Toby Breheny on the financing package. Partner Kristen Percy and executive counsel Peter Davis assisted the financiers on the project’s corporate and procurement aspects and were supported by senior associate Allison Dodd and solicitors Amelie Fillion and Jennifer Wu.
Gerard Pike said, "We’re very proud to have advised the bank group on this landmark renewable power deal. When completed, the Mount Emerald Wind Farm will benefit thousands of Queenslanders by providing them with a renewable energy source and will be Queensland’s first large-scale wind farm.
“We see great prospects for growth in the renewable power market in Queensland and our leading multi-disciplinary renewables team is well placed to help execute our client's ambitions on these upcoming large-scale wind and solar projects," Gerard said.
ANZ Corporate Advisory was the financial adviser to the sponsors, who were advised on legal aspects by Mills Oakley.
Herbert Smith Freehills has the leading renewables legal practice in Australia, with particular expertise in all aspects of acquisition, development and project financing of large-scale wind and solar projects.