Allens has advised British fund manager Octopus Investments (Octopus) on its first Australian, and largest global, renewable energy investment.
Octopus, through funding managed by it, has partnered with renewable energy and storage company Edify Energy to develop the Darlington Point Solar Farm, a greenfield site in western NSW following an acquisition of a majority stake in the project company, Darlington Point Solar Farm Pty Ltd.
Commenting on the deal, Octopus relationship partner and Head of Project Finance Michael Ryan said it was exciting to work with Octopus on its Australian market entry.
'Octopus has a strong track record in Europe operating in sectors committed to making valuable contributions to society through their investments and it is really pleasing to see Octopus extending that commitment to Australia through such a significant renewable investment.
'We are proud to have partnered with the Octopus team on this investment bringing the wealth of our broad renewable energy experience to assist,' Michael said.
Wendy Rae, who led the Allens team on the transaction, commented that 'working with Octopus to structure an innovative deal that met the business' investment objectives was complex for the team but rewarding.'
Darlington Point is set to be the largest solar farm in Australia with 333MW (DC) of capacity when complete.
The transaction closed on 21 December 2018.
Allens legal team
Wendy Rae, Lead Partner, Corporate; Michael Ryan, Partner, Banking & Finance; David Donnelly, Partner, Projects and Development; Melissa Keane, Managing Associate, Projects and Development; Julian Barendse, Senior Associate, Corporate; Amy Byrne, Associate, Projects and Development; Nicholas Twomey, Associate, Corporate; Joanne Pak, Lawyer, Corporate; Brad White, Lawyer, Corporate.
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.