Norton Rose Fulbright advises Canadian Solar on investment by Foresight Group in portfolio of solar projects in Queensland

Global Business October 17, 2017

Global law firm Norton Rose Fulbright has advised Canadian Solar on the proposed investment by investment manager Foresight Group in a portfolio of three solar farms in Queensland.

The portfolio comprises the 17MW Longreach project, the 30MW Oakey 1 project and the 70MW Oakey 2 Project. The Longreach and Oakey 1 Projects are currently under construction and are expected to be connected to the grid during the course of 2018.

The deal, which was signed on 12 October, is subject to satisfaction of certain conditions and is scheduled to complete later this year. Canadian Solar will retain a short term equity interest in both the Longreach and Oakey 1 Projects.

Norton Rose Fulbright global head of energy Simon Currie commented:

"Canadian Solar is a leading global player in the solar industry, They were ranked in the top 3 for solar module production in 2016 and have a strong development pipeline in Australia and several other markets. Partnering with strong capital providers such as Foresight is a model which we expect to become prevalent in Australia”

Special counsel Chris Mitchell, who led the proposed investment for Canadian Solar, commented:

“It was a pleasure to assist Canadian Solar with achieving this milestone for this portfolio of solar projects. The transaction is further evidence of the attractiveness of high quality Australian renewable energy projects for foreign investors.”

The team advising Canadian Solar was led by Simon Currie and Chris Mitchell, supported by special consultant Kelly Davies (Projects), special counsel Claire Forster (Regulatory), associates Joanne Zhou (Projects) and Chanel Mercurio (Corporate) and lawyer Emile Goldman. Our team is currently working on over 30 large scale solar projects across Australia. We recently advised international solar energy firm Wirsol Energy on its acquisition of the 110MW Wemen sun farm near Mildura, Victoria. Earlier this year we advised a fund managed by BlackRock on the acquisition of a majority interest in a portfolio of two large scale solar PV projects in Queensland and Wirsol Energy on the acquisition and project financing of a portfolio of three large scale solar PV projects in Queensland and Victoria – the first portfolio acquisition and financing of utility scale solar PV in Australia and the first financing for solar PV with merchant exposure and long term debt from the local market.

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 3500 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Norton Rose Fulbright will combine with Chadbourne & Parke, a leading international law firm, during the second quarter of 2017. Norton Rose Fulbright's expanded practice will have more than 1000 lawyers in the US and 4000 lawyers worldwide.

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, Toronto, Sydney and Johannesburg.

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