Herbert Smith Freehills has advised Fotowatio Renewable Ventures (FRV) on its new solar farm at Moree in northern New South Wales, which is the first merchant financed project ever undertaken in Australia.
Herbert Smith Freehills advised FRV on all aspects of the transaction including engineering, procurement and construction, project financing and land access arrangements.
The 70 megawatt (MWp) solar farm will have a capital value of approximately A$164 million. It will be partially funded through a A$101 million funding grant from the Australian Renewable Energy Agency (ARENA) and a A$47 million loan from the Clean Energy Finance Corporation (CEFC).
The project represents several significant developments for the Australian renewables industry. It is the biggest Australian solar project using single axis tracking, and the first large scale renewable project to receive both ARENA and CEFC support.
The Herbert Smith Freehills team was led by partners Brendan Quinn and Toby Anderson, who were supported by senior associates Chris Skordas, Kris Percy, Cameron Watson, and solicitors Rupert Baker and Micaela McLean.
Matt Baumgurtel, General Counsel at Fotowatio Renewable Ventures in Australia, said: “The team at Herbert Smith Freehills have done a great job on a challenging project, the experience across their business in the renewables space has been invaluable to our Moree Solar Farm project.”
Brendan Quinn commented: “We are extremely pleased to have been able to assist Fotowatio Renewable Ventures bring to financial close this important project as its biggest investment in Australia to date.”
This deal is yet another example of the strong work of Herbert Smith Freehills’ Energy and Project Finance Team, who previously acted for:
- the sponsors or financiers of over 75% of the wind farms to achieve financial close in Australia to date
- the sponsor or financiers on all but one wind farm to achieve financial close in Australia in the last four years
- the developer of the first commercial scale solar project in Australia (Cth Solar Flagship Funding Program)
- the financiers on the first solar project to achieve financial close in Australia
