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Herbert Smith Freehills advises financiers on the project financing of Snowtown 2 wind farm

08 November 2019 | Australia, Asia Pacific
Deals and cases

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Herbert Smith Freehills has advised the financiers on the A$616 million standalone project financing for Tilt Renewables’ 270 MW Snowtown 2 Wind Farm in South Australia, which reached financial close on 24 October 2019.

Snowtown 2 Wind Farm, which was commissioned in October 2014, is the largest wind farm in South Australia and the second largest in Australia, when combined with Snowtown 1 Wind Farm. The combined Snowtown Wind Farm produces enough clean energy to power over 200,000 South Australian homes and saves approximately 600,000 tonnes of carbon dioxide every year.

 

A syndicate of financiers comprising Australia and New Zealand Banking Group, BNP Paribas, Commonwealth Bank of Australia, Credit Agricole, MUFG Bank, National Australia Bank (which also acted as Agent and Security Trustee), Societe Generale, and Westpac Banking Corporation are providing the finance to the project.

 

The Herbert Smith Freehills finance team was led by finance partners Gerard Pike and Jon Evans. They were supported by projects partner Alison Dodd, senior associates Caroline Rowe, Jennifer Brightling, and David Ong, solicitors Olivia Mitchell, Ellen Gandy and Will Kennedy, graduate JX Zheng, and paralegal Jana Mavroidakos.

 

Herbert Smith Freehills partner Jon Evans said, “We are proud to have advised the financiers in relation to another major financing transaction undertaken by Tilt Renewables. This transaction marks a significant milestone for the operating of Snowtown 2 Wind Farm and the strong support from lenders demonstrates the compelling commercial fundamentals that underpin the project.”

 

Another Herbert Smith Freehills finance team, led by finance partner Miles Wadley, with support from solicitors Beryl Yan and Stephen Fitzpatrick and graduate Luke Kavanagh, acted for the portfolio debt financiers that were partially refinanced by the new project financing loan. Mr Wadley also recently acted for a separate syndicate of banks in relation to Tilt Renewables’ new Waipipi Wind Farm in New Zealand.

 

This deal is another example of Herbert Smith Freehills’ market-leading work advising on the financing arrangements of major renewables projects, including recently advising in relation to the Dundonnell Wind Farm, Kiamal Solar Farm, Cattle Hill Wind Farm and Haughton Solar Farm.

 

Gilbert & Tobin advised Tilt Renewables Limited in relation to the financing.

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