National firm advises on buyout of $360m clean energy project

The purchasing firm previously held a 50 percent stake in a North Queensland wind farm and now plans to buy the whole venture.

Mills Oakley has advised RATCH Australia on the purchase of a further 50 percent stake of the Mt Emerald wind farm in North Queensland from local partner Port Bajool.

“We are delighted to have advised RATCH on the acquisition of 100% of the Mt Emerald wind farm project and we look forward to working with RATCH on the financing of this landmark renewable energy project which, once constructed, will be the largest renewable energy project in Queensland,” said Mills Oakley partner Luke Westmore.

Apart from Westmore, special counsel Nicole Tumiati and senior associate Nile Rodman also advised on the deal.

RATCH Australia, which owns 50 percent of the project, is said to have reached an agreement with Port Bajool to acquire its stake in the project. The majority Thai-owned energy producer is now only waiting for third party approvals for the deal.

The agreement follows Ergon Energy's recent decision to purchase all of the electricity generated by the Mt Emerald wind farm through to the end of 2030.

The Mt Emerald project costs $360 million and was approved by the State and Federal Government.
When completed, it will incorporate up to 53 turbines capable of generating enough electricity to power 75,000 homes each year. Construction phase is expected to begin later this year and will be completed within two years.

The Mt Emerald wind farm continues Mills Oakley’s active involvement in the renewable energy sector, including advising on the Barcaldine Solar PV project in Queensland - the only large scale solar project financed in 2015 - and the Waterloo Stage 2 wind farm in South Australia, the only wind project developed outside of the ACT wind auction process in 2015.

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