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Allens advises Westbourne Capital on wind and battery power financing

14 December 2018

Allens has advised Westbourne Capital to achieve financial close in relation to the construction and development of the Lincoln Gap Wind Farm near Port Augusta, South Australia.

The firm assisted Westbourne to put together a mezzanine hold co level debt financing transaction to support the stage two expansion of the wind farm development. The mezzanine debt was provided by fund financiers managed by Westbourne, with the Clean Energy Finance Corporation as the senior financier to the first phase of the project continuing and extending its senior debt financing in relation to the expansion phase of the project.

The 212 megawatt wind power project, includes a 10 megawatt grid-scale battery storage facility, and is one of the first in Australia to secure entirely non-government subsidised debt financing for a large-scale battery component.

Both stages of the project have the benefit of a Snowy Hydro power purchase agreement and equity sponsorship from Nexif and Denham Capital.

Once completed, the project will feed into the electricity grid via the ElectraNet transmission network, producing enough electricity to power approximately 155,000 homes. It is expected to offset around 680,000 tonnes of carbon emissions annually.

'The Lincoln Gap Wind Farm is a good example of developers and investors using both battery storage technology and innovative financing models for a renewable energy project,' said lead Partner Michael Ryan.

'We are pleased to have worked with Westbourne on this project and congratulate the team on a strong result.'

Allens legal team Michael Ryan (Lead Partner and Head of Project Finance), Craig Milner (Partner), Lisa Zhou (Managing Associate), Felicia Duan (Associate)

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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.