The quick deal is a ringing endorsement of the current appetite for renewable energy in Australia, the firm says
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Pinsent Masons has advised on the sale of a major New South Wales solar power plant.
The international firm advised the consortium that sold SPV Metz NewCo and its 120MW Metz Solar Farm to a major renewable energy company from China. Pinsent Masons did not identify the buyer, but reports say that the project was acquired by multinational Chinese firm Clenergy.
Pinsent Masons acted for the consortium, which included Infinergey. The Metz Solar Farm, one of the largest solar farms in the state, was the group’s first major project in Australia. The law firm advised from the early property-and-planning stages of the project up to its recently closed sale.
Financial details of the deal are confidential.
Partner Ewan Robertson and associate Lucy Carter advised on the sale of the project. Partner Margaret Cole tackled finance matters. Partner Jennifer Ballantyne and senior associate Louisa Wallace acted on the initial property-and-planning stages of the project.
“The sale of the Metz solar farm is significant as it not only marks the sellers’ first project sale in the Australian market, it also represents the buyers’ first acquisition in Australia. Further, the speed at which the sale was initiated and completed is a ringing endorsement of the current appetite for renewable energy in Australia,” Robertson said.
The project was commenced and sold in just 18 months.
“In good news for Australia’s renewable energy sector, many parties are now considering the development of other projects – a trend which we anticipate will continue to grow as businesses adapt to the rapid pace of change in consumer energy consumption behaviour, government policy shift and technology developments which enable improved energy yields,” he said.
