Ashurst advises on financing of Dulacca Wind Farm
09 September 2021
09 September 2021
Ashurst acted for a lending syndicate comprising MUFG Bank Ltd, Commonwealth Bank of Australia, ING Bank (Australia) Limited, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation.
The project is supported by a power purchase agreement with Queensland's publicly-owned renewable energy company CleanCo Queensland as offtaker. It has been developed to date by RES Australia Energy, a leading renewables energy sponsor.
Upon financial close, RES divested its equity in the project to Octopus Australia (a leading renewable energy project investor) but RES will remain involved in supporting the delivery of the project in an asset manager role.
The project will contribute towards the Queensland Government's target of 50% renewables generation by 2030. Once operational, the wind farm is intended to be able to power approximately 124,000 homes. Commissioning of the wind farm is expected to commence in the first quarter of 2023.
Partner Chris Redden commented:
"Ashurst is delighted to have advised on the financing of Dulacca Wind Farm, which will provide a significant boost to renewable power generation in Australia."
The Ashurst team was led by partner Chris Redden. Lawyers from the firm's Project Finance, International Projects, Planning, Access and Environment, Real Estate, Tax, and Transport and Infrastructure practice groups assisted on the deal. The team included partners Paul Newman, John Briggs, Tony Denholder, Tim Mathers and Ian Kellock, counsel Lixian Liang and Bronwyn Kirkwood, senior associates Stephen Blair, Andre Dauwalder, Libby McKillop, Paul Wilson, Harry Stone, Samantha Marsh and Kate McKenzie, associate Fiffy Che and graduate Joanna Ma.