King & Wood Mallesons (KWM) is pleased to have advised the syndicate of financiers on the project financing of each of Stages 1 and 2 of Wambo Wind Farm in Queensland for Cubico Sustainable Investments. The syndicate of lenders comprised ANZ, Credit Agricole, ING, National Australia Bank and Westpac Banking Corporation.
Each Stage of the Wambo Wind Farm is being developed by an unincorporated joint venture between Cubico Sustainable Investments and Stanwell Corporation, a Queensland Government owned electricity generator.
The Wind Farm, which is already under construction and has power purchase agreements with Stanwell Corporation, will add more than 500MW of clean energy to Queensland’s energy system once completed.
The KWM team was led by Partner Chris Dynon (Finance/Projects), with support from Partner Catherine Danne (Finance/Projects) and a team comprising lead Senior Associate Madeleine Coates (Finance/Projects), Senior Associates Aaron Brooks (Energy), Nicola Wang (Property) and Tanya Bromilow (Property) and Solicitors Michael Gruber, Marcus Yim, Emma Murphy and Emily Powell (Finance).
Commenting on the deal, Chris Dynon said:
“It was a pleasure to play a role in advising on this significant transaction for Cubico and its financiers – an important project that is on track to strengthen Queensland’s energy system. We are excited to see the benefits that the Wind Farm will deliver for the region’s employment, economic growth and community funds.
We advised the financiers on all aspects of the transaction, including the complexities associated with financial close being reached during construction of each stage and the structural considerations resulting from the unincorporated joint venture with Stanwell Corporation.”
The first stage of the Wambo wind farm is expected to begin operations in 2025, with the second stage to follow in 2026.
KWM continues to advise sponsors, lenders and other stakeholders on market leading transactions in the energy sector, including recently advising on the financing and development of Boulder Creek Wind Farm, Carwarp Solar Farm and Goorambat Solar Farm.
