The project “will set a benchmark for clean power and renewable energy in the resources sector,” firm says
Allens has helped the Northern Australia Infrastructure Facility (NAIF) support another project.
NAIF is providing a loan of up to $90m to Alinta Energy for the Chichester Solar Gas Hybrid Project.
Allens said that the loan will help fund the construction of electrical infrastructure at the Chichester Hub iron ore mines, including a 60MW solar panel plant and a 60km transmission line.
“Once completed, the Project will enable daytime operations at the mines to be among the first globally to deploy renewable energy to meet up to 100% of its daytime power requirement,” Allens said.
The Allens team was headed by partner Scott McCoy of the banking and finance practice. He was supported by senior associates Phillip Cornwell, Michael Gibling, Katharine Ward, and Jamie Guthrie, and lawyer George Bishop.
The firm’s energy and projects team included partner John Greig Partner, managing associate Larissa Chu, senior overseas practitioner Paul Grethe, and associate Connie Ye.
McCoy said that the Chichester Solar Gas Hybrid Project “will set a benchmark for clean power and renewable energy in the resources sector.” One completed, the mines it supports will be capable of relying solely on solar power during the day.
“The transaction involved unique challenges, given the involvement of Commonwealth funds together with the Western Australian government as the lender of record. We were able to navigate these complexities to devise an innovative financing structure,” McCoy said.
Allens also recently helped NAIF support Australia’s first sulphate of potash project with a loan of up to $74m.