King & Wood Mallesons (KWM) has advised on the financing of the first phase of the Bungala Solar Photovoltaic (PV) project, representing the latest in a series of significant matters the firm has completed in Australia’s growing renewables market.
On completion, the 300MWac solar project will produce enough clean electricity for around 130,000 homes, making it the largest solar project in Australia.
Reach Solar Energy (advised by PwC) negotiated all of the key project documents (primarily with Origin Energy and Elecnor) and the financing terms, while running a parallel auction process to sell its ownership interest in the project. A joint venture consisting of Enel Green Power and the Dutch Infrastructure Fund was ultimately the successful bidder, acquiring the first phase of the project from Reach at financial close.
Led by Partner Chris Dynon from KWM’s Major Projects team, the KWM team advised the financiers comprising Commonwealth Bank of Australia, National Australia Bank Limited, Societe Generale and Sumitomo Mitsui Banking Corporation.
Chris was supported by Partners Mark Beaufoy (Environment, Planning & Native Title), Darren McClafferty (Tax) and James Forrest (Construction), Senior Associates Andrew Vincent (Banking & Finance), Jonathan Mitchell (Projects) and Kai-Chen Lamb (Tax), and Solicitors Catherine Adsett (Construction), Madeleine Coates (Project Finance) and Tom Gerrits (Project Finance).
Commenting on the deal, Chris said: “KWM provided an excellent team across a number of different practice areas to advise the project financiers, in addition to utilising the firm’s extensive experience in the renewables market. We were excited to be advising on what is a landmark deal in this sector.”
KWM has recently acted on a significant number deals in the renewable energy market, with experience across project development, project financing, acquisitions and divestments. Recent examples include Badgingarra Wind Farm, Silverton Wind Farm development and Taralga Wind Farm.