Herbert Smith Freehills has advised Fotowatio Renewable Ventures (FRV) on its new solar farm at Clare in Queensland.
Herbert Smith Freehills advised FRV on all aspects of the transaction including engineering, procurement and construction, project financing, off-take and land access arrangements.
The 100 MW Clare solar farm is FRV’s largest project to date in Australia and will generate more electricity than any other solar project built to date in Australia due to its size and single axis tracking technology.
The project is supported by a power purchase agreement under which Origin Energy purchase 100 per cent of the electricity and large scale renewable energy certificates. Located about 35km from Ayr in north Queensland, construction of the project is due to begin early this year and is expected to take 12 months.
The Herbert Smith Freehills team was led by partners Toby Anderson and Brendan Quinn who were supported by senior associate Daniel Ficyk and solicitors Matthew Selth, Elise Bulla and Alena Kosmin.
Toby Anderson said: “Our team has worked very closely with FRV to reach this milestone. Achievement of financial close was due to a huge level of work and commitment from all involved. It will be fantastic to see construction of this landmark solar farm commence and then become operational.”
G+T acted for NAB and SMBC on the transaction.
Herbert Smith Freehills has the leading renewable power practice in Australia and the deal is another example of the strong work of the Renewables and Project Finance Team. The team previously acted for the financiers to FRV on the Royalla solar farm and FRV on the development and project financing of the Moree solar farm.