Norton Rose Fulbright advises ESR Australia on Australian-first A$500 million renewable energy partnership
Australia | Press release - Firm | September 2023
Global law firm Norton Rose Fulbright has advised ESR Australia on a partnership with Solar Bay to accelerate the deployment of renewable energy infrastructure across ESR-managed assets nationally.
ESR Australia is a part of the ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real-estate investment manager globally.
The partnership is forecast to deploy up to A$500 million over the next decade to provide renewable energy solutions for ESR Australia's customers, via the installation of up to 50 megawatts (MW) of solar capacity, 300MWh of battery storage and Electric Vehicle (EV) charging infrastructure.
Once completed, it is expected to remove 56,000 tonnes of carbon dioxide a year from ESR customers’ operations and could cut ESR customers’ energy bills by half, according to industrial property giant ESR and renewable energy specialist Solar Bay.
The Norton Rose Fulbright team advised on all aspects of the project including transaction structuring and negotiation and drafting of all transaction documents.
Norton Rose Fulbright partners Ben Smits and Michael French commented:
“We are delighted to have supported ESR Australia on this market-leading green energy solution. Our client’s portfolio comprises 410 hectares of existing estates and a 230-hectare development pipeline. The renewable energy partnership with Solar Bay will expand ESR’s sustainability footprint while future-proofing its assets to ensure the continued viability of its operations and those of its customers.”
Sydney-based corporate M&A partner Ben Smits led the team, together with real estate partner Michael French and projects partner Kate Muller. They were supported by key team members including senior associate Igor Kungurov (corporate M&A), and special counsels Kathy Prince (real estate) and Stephen Lee (financial services).
In 2021, Norton Rose Fulbright also acted for ESR Australia in its successful bid to acquire the Milestone portfolio of industrial and logistics assets from Blackstone for A$3.8 billion. Comprising 45 assets over 3.6 million sqm across Adelaide, Brisbane, Melbourne, Perth and Sydney, this was described at the time as the largest ever Australian logistics and general real estate property portfolio transaction.
ESR Australia is a part of the ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real-estate investment manager globally.
The partnership is forecast to deploy up to A$500 million over the next decade to provide renewable energy solutions for ESR Australia's customers, via the installation of up to 50 megawatts (MW) of solar capacity, 300MWh of battery storage and Electric Vehicle (EV) charging infrastructure.
Once completed, it is expected to remove 56,000 tonnes of carbon dioxide a year from ESR customers’ operations and could cut ESR customers’ energy bills by half, according to industrial property giant ESR and renewable energy specialist Solar Bay.
The Norton Rose Fulbright team advised on all aspects of the project including transaction structuring and negotiation and drafting of all transaction documents.
Norton Rose Fulbright partners Ben Smits and Michael French commented:
“We are delighted to have supported ESR Australia on this market-leading green energy solution. Our client’s portfolio comprises 410 hectares of existing estates and a 230-hectare development pipeline. The renewable energy partnership with Solar Bay will expand ESR’s sustainability footprint while future-proofing its assets to ensure the continued viability of its operations and those of its customers.”
Sydney-based corporate M&A partner Ben Smits led the team, together with real estate partner Michael French and projects partner Kate Muller. They were supported by key team members including senior associate Igor Kungurov (corporate M&A), and special counsels Kathy Prince (real estate) and Stephen Lee (financial services).
In 2021, Norton Rose Fulbright also acted for ESR Australia in its successful bid to acquire the Milestone portfolio of industrial and logistics assets from Blackstone for A$3.8 billion. Comprising 45 assets over 3.6 million sqm across Adelaide, Brisbane, Melbourne, Perth and Sydney, this was described at the time as the largest ever Australian logistics and general real estate property portfolio transaction.
For further information please contact:
Alex Boxsell, Head of Digital, Communications & Experience, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8165 Cell: +61 (0)414 985 556
