Allens has advised New Energy Solar (NEW) and First Solar on a long-term power purchase agreement (PPA) with cereal manufacturer Kellogg's (Aust.) Pty Ltd (Kellogg's) in relation to the Beryl Solar Farm.
Under the PPA, Kellogg's will acquire a percentage of the electricity from the Beryl Solar Farm and associated large-scale generation certificates for a period of 7.5 years with an option to extend for an additional three years.
This deal builds on the firm's portfolio of corporate PPA work, with more and more corporates seeing the benefits of securing longer-term, fixed price electricity procurement arrangements from renewable sources.
'We're seeing continued investor appetite in renewable energy assets and corporate PPAs. Following our involvement in NEW's acquisition of the Beryl Solar Farm from First Solar, we were delighted to work with NEW and First Solar on the Kellogg's PPA,' said lead Partner Kate Axup.
The Beryl Solar Farm is a 110.9MWDC solar farm in New South Wales, owned by NEW and developed and operated by First Solar. Allens advised on all aspects of the transaction, including the financing arrangements.
Allens legal team
Projects & Development
Kate Axup (Partner) and Luisa Colosimo (Associate).
Banking & Finance
Tim Stewart (Partner) and Steven Faulkner (Senior Associate).
Ends
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.