Herbert Smith Freehills has advised Goldwind on the development, offtake, procurement and sale of the Clarke Creek Wind Farm project (CCWF) to the Squadron Energy group. The Squadron Energy group is part of the Tattarang group of companies which holds the private business interests of Dr Andrew Forrest AO and his family.
CCWF is located 150km northwest of Rockhampton in Central Queensland, and will be constructed in two stages with the first stage now in construction. CCWF has secured a 15-year, 346MW, offtake agreement for the first stage of the wind farm with Queensland government-owned generator Stanwell Corporation.
The Project was acquired by the Squadron Energy group from Goldwind and Lacour Australia.
Dr Forrest AO has announced that the project will form the basis of a A$3 billion renewable energy precinct in Central Queensland, the largest renewable energy precinct in the southern hemisphere - Dr Andrew Forrest AO announces $3 billion Queensland green energy precinct | Squadron Energy.
The transaction and offtake teams were led by partner David Ryan with support from senior associate Michael Trent, solicitors Blair Feng and Josephine Macmillan and a due diligence team, while the construction and projects team was led by partners Toby Anderson and Daniel Ficyk with support from solicitor Hugh Pegler and Jooahn Choi. Partner Luke Simpson and special counsel Madeline Simpson led the property and environment teams with assistance from senior associate Nicholas Toth and solicitor Michael Bidwell.
David Ryan said, “Congratulations to Goldwind, Lacour and the Squadron Energy group. We have been involved with the Clarke Creek project for several years now and it is great to get it to the point of financial close and sale. All the best to Squadron in taking forward this important project for Queensland."
Toby Anderson added, “The Herbert Smith Freehills team has worked very closely with the development team at Goldwind to reach this milestone. Achievement of financial close and issuance of notices to proceed under the various procurement contracts was due to a huge amount of work and commitment from all involved.”
This deal is another example of Herbert Smith Freehills’ market-leading transactional work in the renewable energy sector. Other recent examples include advising RES Australia on the development, offtake, project financing and sale of Dulacca Wind Farm, RES Australia on the development, offtake and sale of the Avonlie solar farm, New Energy Solar on sale of the Manildra & Beryl solar farms, Blackrock on sale of the Daydream and Hayman solar farms and OMERS on its acquisition of a 49% interest in the FRV Australia group.