HSF helps out on green loan, energy deals

The firm worked with ACEN Australia and JERA Australia

HSF helps out on green loan, energy deals

Herbert Smith Freehills (HSF) has provided guidance to ACEN Australia in securing bilateral green loan facilities with ANZ and Westpac totalling $150m.

The facility agreements augment ACEN Australia's existing funds and will facilitate the financing of its pipeline of renewable energy projects in the country.

“ACEN Australia’s new green loan facilities with ANZ and Westpac mark a significant milestone for all parties involved. This strategic collaboration, complemented by existing financing, equips ACEN Australia with a really strong foundation to advance the development and construction of its impressive portfolio of renewable energy projects in Australia”, HSF projects, energy and infrastructure partner said.

Pike led the firm’s team on the transaction, working alongside senior associate Andrew Julian and solicitor Hayden Shamoi (finance).

JERA Australia snaps up 15% interest in energy project

HSF also advised JERA Australia Pty Ltd, the Australian arm of Japan-based power generation entity JERA Co., Inc., on its proposed acquisition of a 15.1% stake in Woodside Energy's Scarborough Project.

JERA is estimated to pay a total consideration of approximately US$1.4bn. This consideration covers the base purchase price alongside a reimbursement for JERA's share of project expenses from the effective date to the completion of the deal. Gerard Pike

According to HSF, the move forms part of a larger strategic alliance between the entities, featuring entry into non-binding agreements on LNG supply and collaboration in new energy and decarbonisation efforts.

“The Scarborough Project will provide considerable benefits for the Western Australian economy and will also play a crucial part in future energy security for Japan (and some of Australia’s other trading partners). JERA has made a significant investment into the project, and we are very pleased to have assisted it in reaching this milestone”, co-lead partner Mark Hatfull said.

The successful completion of the acquisition hinged on standard regulatory consents.

HSF projects, energy and infrastructure partner Robert Merrick spearheaded the team on this transaction alongside Hatfull and lead associate Sakura Kajimura. They were supported by partners Damien Roberts, Sarah Benbow, Adelaide Luke, and Daniel Zador; special counsel Naomi Hutchings; of counsel Joel Rheuben; senior associates Jared Peut, Howard Chan, and Emily Clarke.

Associates from the firm’s Perth, Sydney, Melbourne and Tokyo offices pitched in as well.

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