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Herbert Smith Freehills advises ACEN Australia on its A$100m Green Loan and foundational debt facilities

25 August 2022 | Australia, Asia Pacific
Deals and cases

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Herbert Smith Freehills has advised ACEN Australia on its foundational corporate financing facilities, which comprise a new common provisions agreement and its first A$100m Green Loan Facility with DBS Bank Ltd., Australia Branch as lender.

The financing structure provides a platform for ACEN Australia to fund and facilitate its pipeline of renewable energy projects in Australia. It also includes the flexibility for ACEN Australia to enter into additional debt facilities in the future.

The cross border transaction included Herbert Smith Freehills’ Melbourne and Singapore offices, with both offices seamlessly working together to assist ACEN Australia and its parent company, ACEN CORPORATION.

The Herbert Smith Freehills team was led by partner Gerard Pike and solicitors Andrew Julian and Hamish Cullity. The transaction involved assistance from Herbert Smith Freehills’ Singapore Office from partner Rupert Baker and paralegal Fanny Lum.

Gerard Pike said: “it’s a very exciting time for ACEN Australia with their excellent development pipeline of renewable energy and energy storage projects, and it has been a pleasure to advise them on their $100m Green Loan. We look forward to continuing our relationship with ACEN Australia and ACEN CORPORATION in Australasia and assisting them with their future projects.”

With this deal, Herbert Smith Freehills continues to demonstrate its leadership in the green loan space, having recently advised:

  • ISPT Pty Ltd (ISPT) on the restructure of A$2.8 billion in bank facilities to sustainability linked loan facilities for ISPT’s flagship fund, the ISPT Core Fund. The restructure represents the largest sustainability linked loan facility announced in Australia to date.
  • AGL Energy Limited as borrower on its innovative $600m sustainability-linked syndicated loan facility, the first of its kind issued by an Australian energy company in the Asia-Pacific region. The deal was awarded ‘Most Innovative Deal’ at FinanceAsia’s Achievement Awards in 2019 in Australia and New Zealand.
  • eleven lenders, including BNP Paribas, HSBC and Westpac as joint sustainability coordinators, in relation to the refinancing of A$1.4 billion of existing debt facilities, and the inclusion of sustainability linked loan frameworks into these existing facilities, for Treasury Wine Estates Limited.

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