International law firm Herbert Smith Freehills has advised ESCO Pacific on the sale of Australian solar developer ESCO Pacific to Nasdaq Nordic listed OX2. ESCO Pacific is currently owned by Shell (49%), founder Steve Rademaker and private investors. Lazard acted as the lead financial adviser for the sellers.
ESCO Pacific is a leading renewable energy developer and asset manager in Australia and has delivered over 800 MW of large-scale projects since its inception in 2015.
ESCO’s founder and Managing Director Steve Rademaker commented that “[w]e have found a great buyer for ESCO Pacific. OX2 is a strong player with an excellent track record, and they will no doubt have the ability to significantly grow the footprint in Australia.”
The Herbert Smith Freehills team comprised partner and Head of Energy (Australia) Nick Baker, senior associates Victoria Rintoul and Josh Attard, and solicitors Alice Dales and Sarah-Anne Butler.
Nick Baker said, “We are delighted to have worked with the ESCO shareholders to help them realise the value of all their efforts in developing this portfolio”.
This deal is another example of Herbert Smith Freehills’ market-leading work in the clean energy sector. Other recent examples include our firm advising:
- Brookfield on its joint development and option agreement in relation to the proposed 400MW Moonlight Range Wind Farm.
- 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.
- Funds managed by QIC on its agreement with Vector (NZX:VCT) to acquire 50% of Vector’s New Zealand and Australian smart metering business.
- Macquarie Asset Management’s Green Investment Group and investment manager InfraRed Capital Partners on the sale of a 60% equity interest in Victoria’s Lal Lal Wind Farms to Igneo Infrastructure Partners.
- bp on its investment in the proposed Asian Renewable Energy Hub. Planning to acquire a 40.5 percent share, bp will also operate the project based in Western Australia’s Pilbara region.