Norton Rose Australia has acted for Hydro Tasmania in its sell down of a 75 per cent ownership interest in the Woolnorth Studland Bay and Woolnorth Bluff Point Wind Farms, located in north-west Tasmania, to Shenhua Clean Energy Holdings Pty Ltd (SCEH). SCEH is 75 per cent owned by Chinese renewable energy investment company, Guohua Energy Investment Corporation (GEIC), and 25 per cent owned by GEIC’s Hong Kong sister company, Shenhua Hong Kong Limited.
The transaction was conducted by Hydro Tasmania as a competitive trade sale, with the core transaction document signed on 22 December 2011, and equity and financial completion occurring on 27 February 2012.
The transaction included restructuring and refinancing of the wind farms' existing syndicated debt facilities.
Representatives of Hydro Tasmania and GEIC attended a completion ceremony in Beijing on 28 February 2012, at which they executed the shareholder agreement which will govern their ongoing joint venture relationship.
The Norton Rose Australia team, based in Melbourne, was led by Partner, Richard Lewis, together with Partner Robert Sultan, Special Counsel Vivi Renner and Associate Chris Mitchell. The financing side of the transaction was led by partners, Gillad Dalal and Andrew Bretherton, together with Adele Gray, Senior Associate.
Richard Lewis commented: “In what many people perceive as a difficult economic climate, Hydro Tasmania has achieved an outstanding result both in relation to its sell down of its 75 per cent interest in the Woolnorth wind farms, and in the refinancing outcome. Both the sale process and the refinancing were achieved within tight timeframes and required strong coordinated effort between ourselves, Hydro Tasmania, ANZ Project Advisory and Deloitte”.
For more information, contact:
Samantha Magnusson, head of corporate communications, Norton Rose Australia
Tel: +61 2 9330 8138; Mob: +61 434 116 696
Teneille Rennick, senior communications adviser, Norton Rose Australia
Tel: +61 2 9330 8926; Mob: +61 418 982 442
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