Norton Rose Fulbright advises Wirsol Energy on largest merchant financing of solar projects in Australia

Global Knowledge December 15, 2017

Global law firm Norton Rose Fulbright has advised international solar energy company Wirsol Energy (part of the WIRCON Group) on the acquisition, development and financing of 200MWp of solar projects – the Wemen Solar Park in Victoria (110MWp DC) and the Clermont Solar Park, Queensland (90MWp DC).

Wirsol announced that it had reached financial close for the projects today. The projects are being financed on a fully merchant basis with a long term debt facility from Clean Energy Finance Corporation (CEFC) and equity provided from Wirsol’s parent WIRCON.

Norton Rose Fulbright global head of energy Simon Currie commented:
“We began 2017 closing Wirsol's first transaction in Australia - the first portfolio acquisition and financing of solar PV projects in Australia. We now finish the year closing Wirsol's second transaction - one of the largest merchant financings of solar PV projects on the planet.  

“In 2017 the Australian renewable energy sector has come of age. Next year our industry is going to show everyone what we can do with wind in our sails and the sun on our backs.”   

The Norton Rose Fulbright team was led by Simon Currie and Raymond Lou and the lead associate was Tom Bramah. The team included lawyers from Sydney, Brisbane and Melbourne including partners Emanuel Confos, Noni Shannon, Justin Lucas, Andrew Spalding, Rebecca Hoare, Keira Brennan and James Morris and associates Kathy Prince, Karel Potgieter, Stephen Choi, Nicole Bury, Jacqui Plant, Jacqui Fetchet, Naomi Field, Hui Tjioman and Chris Sewry.

Simon remarked: “Thanks to CEFC, King & Wood Mallesons, RCR, Elgar Middleton and all other stakeholders for making the financing a smooth and quick process. Our team has once again done a great job and we are very proud of what we have achieved in 2017.”    

Our team is currently working on over 30 large scale solar projects across Australia. Our clients who have developed or acquired large scale solar PV projects in Australia in 2017 include Blackrock, Enel, DIF, RES, Clenergy, Maoneng and Canadian Solar.