Allens advises on groundbreaking renewable energy funding deal

Led by Michael Ryan, Michael Graves, Adrian Chek
Banking & Finance Energy Financial Services

Allens has advised Infrastructure Capital Group (ICG) on the successful A$205 million issue in the US Private Placement (USPP) market by Hallett Hill No.2 Wind Farm.

The transaction is groundbreaking as Hallett Hill is the first Australian wind farm to issue in the USPP market. ICG acted as financial and ratings adviser to Hallett Hill in the matter.

Funds from the USPP issuance will be used to refinance Hallett Hill's current senior debt facility. Funding will occur on 27 May 2015.

Hallett Hill is a 71MW, 34 turbine, wind farm located near Mt Bryan in South Australia. Hallett Hill has been operational since 2009 and is wholly owned by the Energy Infrastructure Trust, which is managed by ICG.

Allens worked alongside US law firm Sidley Austin in the matter. Partner Michael Ryan and Managing Associate Chris Patten led the Allens team.

Mr Ryan said the firm was delighted to have, together with Sidley Austin, worked alongside ICG in structuring and developing a transaction that is truly ground breaking for the funding of renewable energy projects in Australia.

'Despite the remaining uncertainty in the future direction of the Renewable Energy Target in Australia, this transaction proves that, with the right settings, Australian renewable energy projects can access the US debt capital markets,' he said.

Craig Whalen, director of ICG and Hallett Hill, stated 'The Allens team, led by Michael and Chris, provided strategic legal advice from the inception of the deal. They were great to work with and, together with ICG, have created a landmark transaction. We are very proud of the outcome.'

Allens legal team

Michael Ryan (Partner); Grant Anderson (Partner); Michael Graves (Partner); Adrian Chek (Partner); Chris Patten (Managing Associate); Mariaan Deitemeyer (Senior Associate); Matthew De Remer (Associate); and David Wood (Lawyer)


Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.