The firm also guided IAG on a $350m capital raising
King & Wood Mallesons (KWM) has lent legal support to ZEN Energy in relation to the development of the Templers Battery Energy Storage System (BESS) in SA.
Upon completion, the Templers BESS will offer 111MW/291MWh of storage and help facilitate the generation of renewable energy to reduce the state’s carbon impact. KWM co-lead partner Chris Dynon described the deal as “an integral advancement in South Australia’s transition to green energy by providing dispatchable, fast-response generation and load into the grid”.
With fellow partners Scott Gardiner (energy resources and infrastructure) and Peixin Truong (banking and finance), Dynon led the firm’s team in providing guidance on the full spectrum of the development: contract structuring, land tenure, construction and operation, project financing (from Natixis), and associated offtake agreements. Senior associates Josh Thorneycroft, Edward Kus, Madeleine Coates and Olivia Harle worked with the partners, as did lawyers from KWM’s China and Hong Kong teams.
“Realising the final investment decision for the Templers battery is a key milestone in ZEN’s significant growth and marks our first 100% owned major asset, in the state where we started”, ZEN Energy CEO Anthony Garnaut said.
Renewable energy company ZEN Energy has committed to curbing global warming to 1.5°C.
IAG’s $350m capital notes offer
KWM also advised Insurance Australia Group Limited (IAG) on its issuance of IAG Capital Notes 3 (CN3), raising $350m.
This move is part of IAG's capital management strategy to bolster its Additional Tier 1 Capital. The funds have been designated for the company’s general corporate purposes.
Partners Ian Paterson and Joseph Muraca spearheaded the KWM team guiding this transaction. They were supported by special counsel Caroline Tait, senior associate Matthew Kaminsky, and solicitors James Atcheson and Jenny Guo. Tax-related advice was given by tax practice leader Darren McClafferty, senior associate Sylvester Urban and solicitor Nelson Phan.
