King & Wood Mallesons (KWM) has advised The Clean Energy Finance Corporation (CEFC) with regard to $180 million in debt funding to construct the Collector Wind Farm in New South Wales which has been developed by RATCH-Australia.
The CEFC is the wind farm's sole debt financier, investing half of the funds required for the project. The investment in Collector also brings the CEFC's commitments in large scale wind energy to more than 2GW of capacity and nearly $1 billion.
The project reached financial close last week as a result of the investment, enabling developer RATCH-Australia to begin construction without the need for confirmed electricity sales contacts.
The KWM team advising on the transaction was led by partner, Claire Rogers. Claire was supported by senior associate, Chris Allfrey and solicitor, Priscilla Hejtmanek.
Commenting on the transaction Claire said: "We are delighted to have worked with the CEFC to reach this significant milestone of 2GW of capacity as well as supporting the fully merchant project's accelerated development and unique pricing approach via the debt funding."
"Not having to rely on commercial bank funds means that Collector has the freedom to sell its energy on the spot market and not be locked into long term supply contracts," she continued.
The Collector project will consist of 54 wind turbines and will generate enough electricity to power 80,000 homes.