Project becomes first of six funded by Victorian govt. to achieve financial close
Herbert Smith Freehills (HSF) has once more advised construction and engineering leader CIMIC Group’s subsidiary, Pacific Partnerships – this time on the project financing of the 102 mega-watt, alternating current (MWac) Glenrowan Solar Farm HSF previously helped Pacific Partnerships acquire.
Glenrowan Solar Farm, located in northern Victoria, became the first of six projects under the Second Victorian Renewable Energy Target Auction (VRET2) to successfully come to a financial close.
As a VRET2 project, Glenrowan Solar Farm will generate energy to support the Victorian Government’s renewable energy targets – including its commitment to sustain 100% of its operations through renewable energy by 2025 and have an energy storage capacity of at least 2.6 giga-watts by 2030 – and strengthen investment certainty in new energy projects.
VRET2 projects will also support local communities and economies by providing around 920 direct jobs to individuals.
The transaction required the advice of a cross-practice team from HSF led by project finance partner Jon Evans, projects partners Daniel Ficyk and Kristen Percy, and corporate partner, Nick Baker. The team was supported by senior associates Lisa Hamilton and Janine Chisholm from the firm’s project finance and corporate teams, respectively, as well as solicitors Tia Liu and Sylvia Tran from project finance, Hugh Pegler from projects, and Yonnie Lipshatz from corporate.
“We are delighted to bring our deep expertise in the renewable energy sector to advise Pacific Partnerships on its Glenrowan Solar Farm project,” Evans said. “This project is leading the charge as the first VRET2-supported project to achieve financial close – a vital step towards Victoria achieving its renewable energy targets by 2030.”
In 2022, HSF helped Pacific Partnerships acquire the 245-hectare Glenrowan Solar Farm from renewable energy project developer Esco Pacific. The advising team was then led by Baker, supported by regional head of practice for APAC projects Toby Anderson, partners Kristen Percy and Melanie Debenham, as well as by solicitors Teresa Sun and Ella McKay.
