Leading firms craft $1bn deal for 270MW wind farm in South Australia
Allen & Overy took the lead role in the acquisition of the Snowtown 2 Wind Farm.
The global firm counselled Palisade Investment Partners in its acquisition of the project, touted as one of Australia's largest wind farms, from Tilt Renewables.
Tilt confirmed earlier this month that the project was acquired for an enterprise value of $1.07bn. It said that net proceeds of the transaction were about $455m.
Located on the Barunga and Hummocks Ranges in South Australia, the project has 90 turbines capable of producing about 270MW of power. It has been operating successfully for five years.
The Allen & Overy team was headed by project finance partner James Abbott, corporate partner Jamie Palmer, and projects partner Simon Huxley. Abbot said that the transaction was highly competitive and that Snowtown 2 is a very significant asset in the Australian renewable energy market.
Allen & Overy said that Ashurst advised Palisade’s financiers on the deal. Gilbert + Tobin (G+T) advised Tilt Renewables. G+T and Herbert Smith Freehills also recently advised on the $616m financing for Snowtown 2.