Global law firm Norton Rose Fulbright has advised the lenders (a group made up of international and domestic lending bodies) on the financing of the 240MW Ararat wind farm in Victoria, Australia.
The lenders – Sumitomo Mitsui Banking Corporation, Clean Energy Finance Corporation and Export Development Canada (EDC) – are financing what is one of Australia’s largest locally developed wind farms. The equity investors to the project are RES, GE, OP Trust and Partners Group.
The project benefits from a feed-in-tariff from the Australian Capital Territory for part of its output, with the remaining output being uncontracted at close. This is the first wind farm to be project financed on a partially merchant basis in Australia, and also the first greenfield wind farm financed in Australia by EDC, the Canadian export credit agency.
The deal was led by Melbourne projects partner Jo Crew and Sydney-based Global Head of Energy, Simon Currie. Mr Currie commented:
“We are very excited to have worked on this large-scale project, which represents a bold step away from fully contracted wind projects in Australia. Our team is currently advising clients on the financing of several other wind projects, which should reach financial close next year. This reflects the much improved outlook for renewable energy in Australia.”
The Norton Rose Fulbright team also included Joanna Taylor, Claire Whitney, Melissa Park and Aaron Mundy.