King & Wood Mallesons (KWM) is pleased to have advised the syndicate of financiers on the project financing of the Wooreen Energy Storage System (WESS), EnergyAustralia’s 350 MW capacity battery in Victoria.
The syndicate of lenders comprised ANZ, Credit Agricole CIB, DBS Bank, HSBC, Mizuho, NAB, SMBC and Westpac.
EnergyAustralia’s development of the WESS ensures that storage is built to firm increased renewable energy before the Yallourn power station retires in mid-2028, and further supports its goal of expanding its portfolio to include up to 3 GW of renewable energy by 2030.
The WESS is one of the first projects participating in the Federal Government’s new Capacity Investment Scheme (CIS) to achieve financial close.
KWM advised on all aspects of the transaction, including complexities associated with the multiple revenue contracts and the multi-contract delivery model.
The KWM team was led by Partner Chris Dynon (Finance/Projects) with support from Senior Associate Madeleine Coates (Finance/Projects) and Solicitors Evelyn Kourambas, Jonathan Le and Emma Murphy (Finance). HSF acted for EnergyAustralia.
Commenting on the transaction, partner Chris Dynon said: “We are delighted to have worked with the syndicate of financiers, together with the EnergyAustralia team and its advisors, on this important storage project for EnergyAustralia and the State of Victoria. This transaction had some unique challenges but, through the collaborative approach taken by all stakeholders and advisors, it has been possible to successfully bring it to financial close.”
KWM continues to be at the forefront of market leading transactions supporting the country’s energy transition. This includes recently advising financiers on the project financing of Wambo Wind Farm Stages 1 and 2 and the sponsors on the financing and development of Boulder Creek Wind Farm and Goorambat Solar Farm.
