Herbert Smith Freehills congratulates the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC), project sponsors and their financiers on their respective roles in dramatically increasing the number of Australian large-scale greenfield solar energy projects reaching financial close and now under construction.
Funding support from ARENA through its large-scale solar photovoltaic competitive round grant funding of approximately A$92 million, and CEFC through its large-scale solar financing program commitment of A$250 million, have rapidly boosted the value and number of large-scale solar energy investments in Australia. For example, ARENA estimates that its $92 million grant funding commitment will generate approximately A$1 billion worth of investment into large-scale solar infrastructure. ARENA’s and CEFC’s material and continuing contribution to the growing magnitude of renewable energy in Australia has aided the development of the supply chain for these projects, stimulated local industry knowledge, reduced the comparative cost of solar technology and, importantly, provided confidence to market participants.
Herbert Smith Freehills’ renewables experts have enjoyed various roles advising ARENA, CEFC, project sponsors and other financiers across 10 out of the 12 large-scale solar projects that received funding from ARENA under its large-scale solar photovoltaic competitive round. The map below highlights Herbert Smith Freehills’ role on those 10 solar projects.
Toby Anderson, Head of Herbert Smith Freehills’ Asia Pacific Renewables Team, said: “We are proud to have assisted participants in our various roles on their work in large-scale solar projects to date, in addition to advising on a number of other significant large-scale solar projects in Australia in the last 12 months.”
“Australia has seen major growth in the funding and construction of major solar projects and we expect this to continue as the industry matures through further innovation, resulting in large-scale solar becoming a more attractive and cost-competitive renewable energy source.”
“We are looking forward to continuing our support for industry participants as they begin to evaluate investment opportunities into concentrated solar thermal projects and other new renewable energy initiatives.”
Further detail in relation to some of the recent significant large-scale solar projects (including some transactions that are in addition to the above) that the Herbert Smith Freehills’ market-leading full service renewables team has advised in relation to can be found by following the links below:
- advised the financiers on the project financing of the Ross River Solar Farm;
- advised APA Group on the acquisition, off-take, procurement and ARENA funding arrangements of the Darling Downs Solar Farm;
- advised the financiers on the project financing of the Gullen Solar Farm;
- advised First Solar on the project financing of the Manildra Solar Farm; and
- advised CEFC on the project financing, and Neoen Australia on the construction and operation, of the Parkes, Griffith and Dubbo Solar Farms.