Bell Gully, HSF Kramer and Mallesons were involved in significant New Zealand transactions
In recent weeks, Bell Gully, global firm Herbert Smith Freehills (HSF) Kramer and Australian firm Mallesons confirmed their involvement in significant New Zealand transactions related to projects and investments.
Bell Gully assisted US-based venture capital company Balerion Space Ventures as the lead investor in Dawn Aerospace’s Series B capital raising, which aims to generate funds for its international rollout and scale commercial and operational teams in the US and Europe that will support its global consumer base.
The New Zealand–Dutch space transportation company closed the US$25m funding round with a post-money valuation of US$195m. Mana Ventures, ANA Future Frontier Fund, Green Eight Capital, Seven Peak Ventures, NZVC, Alpha Funds, Gaingels and Crosscourt also participated in the round alongside individual and current investors.
According to Bell Gully partner Dean Oppenhuis, this marks Balerion’s first New Zealand investment.
“Balerion is one of the biggest space industry venture capitalists in the US and it is exciting to see its interest in a company that has emerged from New Zealand's space ecosystem”, Oppenhuis said.
Dawn Aerospace aims to construct sustainable space transportation. It is a provider of non-toxic chemical satellite propulsion systems, and its Aurora suborbital spaceplane was the first civil aircraft to fly supersonic since the Concorde, according to Bell Gully.
Oppenhuis worked alongside fellow partner Glenn Shewan; associates Kellee Candy and Camille Tabary; and lawyers Nicholas Goodman, Bronte Tuffery and Diana Tran.
A team from Bell Gully also advised global organisation PAG on its agreement to launch a new investment partnership with Precinct, which will acquire Auckland’s PwC Tower at a headline price of $600m.
In the process, PAG will pick up a 50% interest in the iconic building, which is part of the Commercial Bay development finished in 2020. Precinct will keep its 50% stake and serve as the partnership’s investment and asset manager.
“This investment is the next step forward for a development which has played a significant role in revitalising Auckland’s CBD in recent years”, Bell Gully partner Ian Becke said.
The firm’s team tackled all aspects of the transaction, including real estate and corporate matters, the investment partnership’s setup and the acquisition structure. Becke worked together with fellow partners Chris Hodges and Andrew Petersen, as well as with special counsel Elena Chang, senior associates Charles Wong and Jan Chen, lawyers Jack Chaplow and Kate Johnson, and graduates Robbie Woodward and Jasmine Goodwin.
HSF Kramer’s team advised Transpower on its undersea cable agreement with cable manufacturing company Prysmian involving the manufacture and installation of four 40km undersea electricity cables in the Cook Strait.
The agreement is in line with Transpower’s work to renew the critical high voltage direct current (HVDC) link joining the North and South Island’s electricity systems. The upgrade programme has been divided into two stages: stage 1 involves the installation of four new cables that will boost transfer capacity to 1400 MW and the upgrading of associated infrastructure such as the cable termination stations at Oteranga Bay and Ōraumoa/Fighting Bay; in stage 2, the IT systems operating the link will be replaced.
Prysmian will deliver the subsea cables to New Zealand and install them using a cable-laying vessel that can handle Cook Strait conditions in 2031.
“This particular type of cable is only manufactured by a small number of suppliers, with the cables designed to change the direction of power flow numerous times a day depending on factors like electricity supply and demand, weather patterns and reservoir levels in New Zealand’s hydro power stations”, HSF Kramer lead partner Toby Anderson said.
Anderson worked alongside senior associate Talia Lake and solicitor Tessa Hill on the transaction.
A team from Mallesons guided global onshore renewables and energy storage developer Lightsource bp on the project financing of the Glorit Solar Farm located north of Auckland.
The $285m financing has reached financial close. The project is expected to deliver new grid-scale renewable energy generation and additional renewable generation to the upper North Island.
The 171 MWdc/150 MWac solar farm is set to support electricity demand upticks and boost generation capacity close to key load centres. Lightsource bp is developing the farm through its 50:50 joint venture with Contact.
“Reaching financial close on Glorit is a significant milestone for renewable energy in New Zealand and reflects the continued growth of grid-scale solar in the market. We advised Lightsource bp on a structured, multi-bank financing that will help deliver new renewable generation capacity for the upper North Island and support New Zealand’s broader energy transition”, Mallesons lead partner Rod Smythe said.
ANZ, Mizuho, Bank of China New Zealand, China Construction Bank New Zealand and Deutsche Zentral-Genossenschafts Bank provided the non-recourse funding.
Smythe received support from senior associate Morgan Clune and solicitors Annelise Nguyen, Eliza Saville and Shanzeh Malik. Partner Shannon Etwell spearheaded the power purchase and engineering, procurement, and construction arrangements with support from senior associate Sophie Sweeney and solicitor Wilson Poon.
