The firm advised a JV between Genesis Energy and FRV Australia
Russell McVeagh has advised on what it described as “the largest solar development in New Zealand to achieve financial close”.
The firm guided a joint venture between Genesis Energy and FRV Australia for the development and project funding of the 63MW Lauriston solar farm, which is situated on a 96-hectare site an hour’s drive from Christchurch. The project's offtake arrangement is “underpinned by a 10-year power purchase agreement with Genesis Energy, in respect of 100% of the renewable energy from the project”, the firm said.
The solar farm's capacity was originally estimated at 52MW but rose to 63MW due to engineering optimisation. The farm is poised to generate sufficient electricity to power almost 13,000 households once operation commences.
Russell McVeagh’s team comprised lawyers from its corporate, project finance, property, and construction departments. The team advised on the joint venture’s establishment, the project debt financing and the construction, operations, offtake, and other project-related documents.
Bank of New Zealand and MUFG Bank Ltd. provided the project financing, with White & Case and Chapman Tripp guiding the lenders. BEON has been tasked with the project’s construction. Initial works are currently underway.