Global law firm Norton Rose Fulbright and energy advisory firm Energy Estate have advised on the sale of the Jemalong Solar PV farm, located near Forbes in country NSW, Australia.
The 50MW farm, developed by Vast Solar, is to be acquired by Genex in a deal announced to the Australian Stock Exchange (ASX) today. Vast Solar is a renewable energy technology developer specialising in solar development and concentrated solar thermal power (CSP). Genex is an ASX-listed company, focused on generation and storage of renewable energy.
The project is anticipated to reach financial close in H1 2019, and to qualify for Largescale Generation Certificates (LGCs).
Energy Estate principals Simon Currie and Vincent Dwyer, and advisors Jacqueline Fetchet and Niilo Monkkoen, acted as financial and transactional advisers to Vast Solar. Norton Rose Fulbright partners Jasmine Sprange, Martin Irwin and Michael McKee, and senior associate Duncan Webber, worked with partner Noni Shannon to provide legal advice to Vast Solar; and partners Raymond Lou and Ben Smits advised Genex Power with consent.
The deal was the first M&A transaction worked on jointly by Norton Rose Fulbright and Energy Estate, established as a separate business this year by Mr Currie and Mr Dwyer, who are both former partners of the firm.
Norton Rose Fulbright partner Noni Shannon commented:
“The firm has advised on dozens of renewable energy deals in Australia in recent years, but this is the first M&A deal to be completed alongside Energy Estate. We are pleased to have assisted Vast Solar to develop this project and to have collaborated with Energy Estate to provide a strong outcome for Vast Solar, and separately Genex Power, on this exciting new solar PV project for regional NSW."
Energy Estate principal Simon Currie commented:
“We have been involved from the very first stage of development of the Jemalong solar project. Energy Estate believes that the partnership between Genex and Vast Solar demonstrates the potential for renewable energy hubs in NSW and across Australia. We are pleased to have worked with Norton Rose Fulbright as legal advisors on this deal.”
Energy Estate was established this year to provide strategic consulting and guidance, and transaction advisory services to the energy sector. The business is also a start-up and growth company accelerator.
The Norton Rose Fulbright energy team has recently worked on over 30 large scale solar projects across Australia. Our clients that have developed or acquired large scale solar PV projects in Australia include Wirsol Energy, Blackrock, Enel, DIF, RES, Clenergy, Maoneng and Canadian Solar.
The firm is a leading global advisor on renewable energy and project finance as well, and has advised clients on corporate PPA deals across Australia and around the world, such as its advice to the University of NSW on an innovative long term renewable energy PPA.