Herbert Smith Freehills has advised Pacific Partnerships, a member of the CIMIC Group, on the acquisition of the 125MW Glenrowan Solar Farm development in Victoria from Esco Pacific.
Located approximately 235 kilometres north east of Melbourne, construction is expected to be completed at the end of 2023 by UGL, also a CIMIC Group subsidiary. The long-term asset management for the solar farm will be contracted to Esco.
When fully operational, the solar farm is expected to generate more than 260GWh per year.
The transaction team was led by partner and Head of Energy, Australia, Nick Baker, with support from partners Toby Anderson, Kristen Percy and Melanie Debenham, as well as solicitors Teresa Sun and Ella McKay. Financing for the project is being led by partner Jon Evans with his team including solicitors Tia Liu and Nancy Darmanin. The procurement and connection team includes partners Kristen Percy and Daniel Ficyk, together with solicitor Hugh Pegler.
Nick Baker said, “We’re delighted to have advised CIMIC Group on this significant addition to their renewables portfolio. We continue to be invested in supporting the energy transition and clients such as CIMIC Group are vital to a clean energy future. We congratulate CIMIC Group on reaching this important milestone."
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, and OMERS on its acquisition of a 49% interest in the FRV Australia group.