King & Wood Mallesons (KWM) has advised Lightsource bp on the auction sale of its 1GWP Australian solar farm portfolio (with ready-to-build battery storage systems) to Beijing Energy International Holding Co., Ltd. The portfolio consisted of 3 operational solar farms and 2 development stage solar farms located in New South Wales, Queensland and Victoria.
The consideration for the transaction is up $813M (plus debt).
Since its entry into the Australian market in 2018, Lightsource bp has been at the forefront of the energy transition, developing, financing, constructing and operating utility-scale solar and BESS power projects integral to Australia’s shift towards sustainable energy.
Lightsource bp intends to use the proceeds from this sale to accelerate the development of its pipeline across the APAC region.
KWM advised Lightsource bp across all aspects of the transaction and had previously advised Lightsource bp on the development and financing of the portfolio. The value and complexity of this transaction makes it one of the most significant Australian renewable energy deals of 2023.
The KWM team was led by Partners, Craig Rogers (Energy, Resources and Infrastructure) and Tim Sumner (Energy, Resources and Infrastructure), with support from Special Counsel, Jared Nickig (Mergers & Acquisitions), Senior Associate, Yuan Sun (Mergers & Acquisitions) and Solicitors, Sumaia Aziz (Energy, Resources and Infrastructure) and Evie Woods (Energy, Resources and Infrastructure).
Commenting on the deal, Partner, Tim Sumner said:
“It has been fantastic to work alongside the forward-thinking and pragmatic team at Lightsource bp on this important milestone transaction – helping Lightsource bp to recycle capital to reinvest in the energy transition in Australia. We look forward to helping Lightsource bp close this deal in 2024.”
This matter further demonstrates KWM’s market-leading capability in acting on significant renewable energy transactions, recently advising AEMO on the second tender for Long Term Energy Service Agreements under the NSW Electricity Infrastructure Roadmap and APA Group on its $1.7B acquisition of Alinta Energy’s Pilbara business.
