Allens has advised two global financiers with respect to the provision of senior debt facilities to First Solar in connection with the development of the Manildra Solar Farm.
The solar farm, located in the Central West of New South Wales, will have a total generation capacity of approximately 48.5 megawatts – enough to power up to 14,000 average homes.
In addition to the financing, the project is supported by a $9.8 million grant from the Australian Renewable Energy Agency as part of its large-scale solar funding round.
A separate Allens team also advised First Solar on its 13-year power purchase agreement with EnergyAustralia for the solar farm's generated electricity and large-scale generation certificates.
'We are very pleased to have assisted the senior financiers to achieve financial close on this complex transaction,' said lead Partner Tim Stewart.
'This project represents an important contribution to the development of clean, sustainable energy in Australia, and further demonstrates Allens' market-leading expertise in large-scale renewables projects.'
A multidisciplinary effort which included support from Allens' alliance partner Linklaters in New York, the transaction builds on Allens' recent experience, which includes advising on the financing of a landmark portfolio of solar farms in Queensland and Victoria, the sale and project financing of the Silverton wind farm, and the Powering Australian Renewables Fund.
Allens legal team
Banking and Finance: Tim Stewart (Lead Partner), Jamie Guthrie (Senior Associate), Stephen Faulkner (Associate), Andrew Woodford (Lawyer), Nicholas Swart (Lawyer)
Project Documents: David Donnelly (Partner), Kate Axup (Partner), Karla Drinkwater (Senior Associate), Fiona Potter (Senior Associate), Danielle Jones (Associate)
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.