KWM is pleased to have advised Lightsource bp on securing NZ$267 million in financing to develop the 168MW Kōwhai Park solar project in Christchurch, New Zealand. Lightsource bp and Contact Energy will jointly develop the renewable energy project, with construction to commence in late 2024 and completion expected in 2026.
The solar project will generate approximately 275 GWh per year and connect to Orion’s 66kV distribution network. The project is located on land adjacent to Christchurch Airport. The electricity produced from the project will assist Christchurch Airport in achieving their electrification and decarbonisation goals and form the first stage of the wider Kōwhai Park ecosystem.
CHINTEC will undertake the EPC of the solar farm under a comprehensive EPC contract, with network connection delivered by Ventia.
Financing for the solar project was secured from Westpac New Zealand, Mizuho, China Construction Bank and Intesa Sanpaolo – IMICIB.
Commenting on the deal, KWM Partner Rod Smythe said:
“We are pleased to have supported Lightsource bp on securing financing for this project, which will play a pivotal role in advancing New Zealand’s renewable energy goals. Kōwhai Park solar farm is strategically positioned to generate renewable energy at scale.”
Further commenting on the deal, Will Sellars, Associate General Counsel, Lightsource bp, said:
“Kōwhai Park marks a significant milestone as our first project in New Zealand to reach this stage. We're proud to have established a strong partnership with Contact and Christchurch Airport, contributing to New Zealand’s journey towards decarbonisation.”
KWM acted as Australian legal counsel and Buddle Findlay acted as New Zealand legal counsel for Lightsource bp and Contact Energy.
The KWM team was led by Partner Rod Smythe with support from Senior Associates Aaron Brooks and Morgan Clune, and Solicitors Annelise Nguyen, Miranda Hutchesson and Hue Pham. The power purchase and engineering, procurement, and construction (EPC) arrangements were led by Special Counsel Amelia Mellor and Senior Associate Nicole Wieringa, respectively.
