King & Wood Mallesons (KWM) has advised on the project financing of Cherry Tree Wind Farm (Cherry Tree), a 57.6 MW renewable project located near Seymour, Victoria.
Preliminary development activities and documentation for Cherry Tree were undertaken by Infigen Energy (Infigen), who sold its interest in the project to John Laing under an innovative 'capital-light' structure at financial close. John Laing also coordinated the project financing arrangements.
Cherry Tree will be constructed under an EPC contract and operated and maintained under a long term services agreement with Vestas Wind Systems.
KWM Partner Chris Dynon led the team advising project financiers, ANZ and Mizuho Bank. Chris was supported by Partner, Louis Chiam, Senior Associate, Andrew Vincent and Solicitors, Madeleine Coates and James Corrigan.
Commenting on the deal, Chris said: "KWM's experienced and multi-disciplinary team were able to draw upon the firm's extensive experience in Australia's renewable energy market to advise project financiers and achieve a favourable outcome. We were excited to be involved in this significant transaction and demonstrate the strength of our full-service capability to key participants in the market."
Infigen will purchase all of Cherry Tree's energy output under a 15 year PPA in addition to managing the construction for John Laing and providing ongoing asset management services.
The Cherry Tree Wind Farm is the latest in a number of significant transactions in the renewables sector on which the firm has recently advised, including Granville Harbour Wind Farm, Numurkah Solar Farm, Badgingarra Wind Farm and Silverton Wind Farm.
