Ashurst advises Vena Energy on debt financing for the Wandoan South Battery Energy Storage System in Australia

Vena Energy, which received debt financing from BNP Paribas, DBS Bank Ltd and ING Bank, is proceeding with the development, construction, connection and sale of electricity from the Wandoan South BESS. The Wandoan South BESS is a significant utility-scale battery project and the first of its kind in Queensland. When complete, the Wandoan BESS will have an export capacity of 100MW and a storage capacity of 150 MWh, capable of powering up to 57,000 Australian homes.

Anil Nangia, Head of Vena Energy Australia, said:

“We are elated to have achieved this remarkable milestone for Queensland’s biggest battery. The team at Ashurst have worked alongside us with vigour and a mutual commitment to bring this innovative storage solution to the Queensland network.”

Ashurst has played an active role as legal advisor in the development and financing of the Wandoan BESS, including:

• preparation of key project documentation including the EPC contract, O&M contract, site acquisition and lease, connection agreements and the energy storage services agreement with AGL;
• due diligence process and preparation of the due diligence reports relied upon by financiers; and
• negotiation of the Syndicated Facilities Agreement and all related financing documentation.

Dan Brown led the transaction with Chris Redden (lead on financing) and Paul Newman (lead on due diligence).

In respect of the project documents, the team included:

• Land arrangements – Tim Mathers and Alex Pasquale;
• EPC and O&M contracts and other relevant project development documentation – Dan Brown, Sarah Lynden-Bell and Christine Chang;
• Connection and Access Agreement – Paul Newman and Tristan Shepherd; and
• Energy Storage Services Agreement – Dan Brown and Tristan Shepherd.

In respect of the project financing, the team included Chris Redden, Melany Wilson, John O'Connell and George Williams.

Other aspects:

• Due diligence report (relied upon by the financiers) – Paul Newman, Tristan Shepherd and Ainsley Masek as leads with input from Lisa Simmonds, Benson Chin, Tim Mathers, Alex Pasquale, John Briggs, Paul Wilson, Tony Denholder, Libby McKillop, Roxanne Read, Sarah Lynden-Bell and Christine Chang.
• Danielle Davidson also has been seconded from Ashurst as legal counsel to Vena Energy Australia from March 2020 to financial close to assist in the preparation and development of all project documentation, legal project coordination and assisting with the financing process.