Herbert Smith Freehills has continued its run as the pre-eminent law firm for project finance in the renewables sector in Australia and New Zealand after topping the Inframation Deals league tables for deal count and deal value in 2018.
The firm has dominated the league tables for both deal count and deal value, advising on 21 deals in total – 7 more than the nearest competitor – and with a combined value of almost $6.8 billion, almost $2.8 billion more than the next firm.
The results come after Herbert Smith Freehills enjoyed a strong performance in 2017, finishing at the top of the league tables for both deal count and deal value, advising on more than twice the number of deals than its nearest competitor and on transactions with a combined value of $5.5 billion, almost $2.5 billion more than the next firm.
Herbert Smith Freehills Partner Gerard Pike said the results showed a continuation of the firm’s market-leading renewables work in 2018.
“It is wonderful recognition of the market-leading practice of our Project Finance team in the renewables sector,” Mr Pike said.
“We couldn’t have achieved this result without the ongoing hard work of our dedicated lawyers and entrepreneurial clients, and these results clearly demonstrate that all of our hard work is paying off.”
Mr Pike said, “2018 was another boom year for large-scale renewables projects in Australia in all states and territories. Transaction structures are becoming more sophisticated and complex as the power offtake market becomes more diverse, but project sponsors and financiers have navigated this, and the ongoing regulatory uncertainty about carbon policy and the replacement of the federal Renewable Energy Target, by achieving close on a record number of new renewables deals in 2018.”
“HSF is very proud to have been involved in the majority of ground breaking deals in Australia and we expect the renewables market will continue on a similar trajectory in 2019. We anticipate 2019 will be another very strong year in project finance and projects more generally for the firm.”
Herbert Smith Freehills offers full-service support across the project lifespan, including disputes. Some significant renewables deals that the firm acted on in 2018 include:
- Advising the Commonwealth Bank of Australia and Westpac Banking Corporation on the project financing of Darlington Point Solar Farm in New South Wales
- Advising Australia and New Zealand Banking Group Limited and Westpac Banking Corporation on the project financing of the Finley Solar Farm in New South Wales
- Advising Synergy in respect of the development and financing of the Warradarge Wind Farm in Western Australia
- Advising Tilt Renewables on the project development, and the syndicate of lenders including Australian and international banks on the financing, of Dundonnell Wind Farm in Victoria
- Advising Pacific Hydro on the project financing of its Haughton Solar Farm in Queensland