Allens has advised Sydney Airport on its eight-year power purchase agreement (PPA) with CWP Renewables and Origin Energy.
Under the agreement, Sydney Airport will receive the benefit of a fixed amount of renewable energy and associated environmental products supplied at a fixed price from the Sapphire Wind Farm and, once operational, the Crudine Ridge Wind Farm.
Electricity contracted under the agreement represents up to 75 per cent of Sydney Airport's electricity consumption. The PPA is backed up by Origin, who will provide firming electricity to Sydney Airport under an electricity supply agreement.
The PPA is part of Sydney Airport's commitment to a low-carbon future, and is one of a number of steps towards its targeted 50 per cent reduction in carbon intensity by 2025.
Commenting on the PPA, partner Kate Axup said the project builds on the firm's portfolio of corporate PPA work.
'PPAs are a growing trend as more and more corporates see the benefits of securing longer-term, fixed-price electricity procurement arrangements,' Kate said.
'It is encouraging to see businesses focused on securing renewable power as part of their energy mix. We were delighted to work with Sydney Airport on this significant transaction.'
The Sapphire Wind Farm is a 273 megawatt wind farm located near Glenn Innes in regional NSW. The Crudine Ridge Wind Farm is a 134 megawatt wind farm located near Mudgee in regional NSW.
Allens legal team
Kate Axup, (lead Partner), Karla Drinkwater (Managing Associate), Sean Gilmartin (Lawyer)
Banking and Finance
Michael Ryan (Partner), Lisa Zhou (Managing Associate), Felicia Duan (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.