Herbert Smith Freehills has advised Nexif Energy on the development of the $300 million first stage of the Lincoln Gap wind farm in South Australia. Nexif Energy was established by Nexif, a Singapore-based independent power management company, and Denham Capital, a leading global energy-focused private equity firm.
Lincoln Gap wind farm is located 15km west of the Spencer Gulf town of Port Augusta and will comprise 59 wind turbines with total capacity of 212MW when complete. The first stage consists of 35 Senvion wind turbines and includes a utility scale 10MW battery storage. Underpinning the announcement is an agreement with the Clean Energy Finance Corporation (CEFC) and Investec to provide debt finance and working capital facilities totalling $190 million. The wind farm is also supported by offtake arrangements with ERM Power and Snowy Hydro.
Herbert Smith Freehills advised on the procurement (EPC and O&M), long term asset management, grid connection, corporate, planning, land and due diligence aspects of the project.
The Herbert Smith Freehills team was led by Toby Anderson and supported by partners Miles Wadley and Nick Baker, Executive Counsel Alison Dodd, Special Counsel Michael Voros, Senior Associates Daniel Ficyk, Tyson Carruthers, Rhiannon Hough and Solicitors Dinisi Sirimanne, Michael Thurin, Madeleine Miller and Hannah Stevens.
Herbert Smith Freehills partner Toby Anderson said, "After working with Nexif Energy on the project for a number of years it was fantastic to see financial close achieved. The Nexif Energy team have done a great job on the Lincoln Gap wind farm development as well as securing offtake and project financing to move the project into construction. The construction of this new wind farm is another important step towards achieving Australia's Renewable Energy Target.”
Norton Rose Fullbright acted for CEFC. White and Case acted for Nexif Energy for the financing. Finlaysons acted for Nexif Energy on South Australian land aspects.
This deal is another example of the work of Herbert Smith Freehills’ market-leading full service renewables team, which has recently advised on a number of other significant transactions in the Australian renewable energy industry, including advising:
- Eurus and Windlab on Kennedy Energy Park 15MW(AC) solar array, 43.2MW(AC) and 2MW(AC) of Li Ion battery storage provided by Tesla in central North Queensland;
- National Australia Bank Limited and Westpac Banking Corporation on the project financing for Emerald Solar Park in Central Queensland;
- AGL Energy and lenders on the 453MW Coopers Gap Wind Farm;
- Engie and Mitsui on all aspects of the 119MW Willogoleche Wind Farm in South Australia