Herbert Smith Freehills Advised International Lender Syndicate On A$750 Million Green Portfolio Financing For ACEN Australia’s Clean Energy Projects
Herbert Smith Freehills advised international lender syndicate on A$750 million green portfolio financing for ACEN Australia’s clean energy projects
Herbert Smith Freehills has advised a syndicate of international lenders on the A$750 million green portfolio financing of ACEN Australia’s New England Solar and Stubbo Solar projects, both located in New South Wales.
The New England Solar project, with an expected generation capacity of up to 720 MW of renewable energy, and the 400 MW Stubbo Solar project will collectively enhance Australia's renewable energy capacity and play a crucial role in achieving the nation's sustainability goals.
This financing package builds on ACEN’s existing green loan and corporate facilities. Together, this portfolio financing will ensure the continued financial stability and progress of the New England Solar project and the nearly completed Stubbo Solar project, whilst also providing a platform for ACEN Australia to expand its portfolio by funding and facilitating its pipeline of renewable energy projects across Australia.
Partner Miles Wadley Said, “We are delighted to have advised the lenders on this financing and extend our congratulations to ACEN Australia for achieving financial close on this innovative financing structure.
This transaction exemplifies ACEN Australia's commitment to leading Australia's energy transition and highlights the steadfast support from both local and international lenders for its vision of a sustainable energy future.
We have observed a growing interest from international lenders in sustainable financings within the Australian market, and this financing further reinforces that trend.”
The international syndicate of banks involved in this financing includes: Australia and New Zealand Banking Group Limited, Cathay United Bank, Commonwealth Bank of Australia, CTBC Bank Co., Ltd. (Singapore Branch), CTBC Bank (Phils) Corp, DBS Bank Ltd. (Australia Branch), Deutsche Bank AG (Sydney Branch), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, The Hongkong and Shanghai Banking Corporation Limited (Sydney Branch), United Overseas Bank Limited (Sydney Branch), and Westpac Banking Corporation.
The Herbert Smith Freehills team was led by Gerard Pike (Partner) and Miles Wadley (Partner) from its Projects, Energy and Infrastructure team, with support from Nadine Kilpatrick (Executive Counsel), Jeremy Soh (Solicitor), Sam Walker (Solicitor) and James Ward (Solicitor).
Allens acted as legal adviser for ACEN Australia.
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