Norton Rose Fulbright (NRF) expects 2018 to be another strong year for the renewable energy industry in Australia.
The prediction comes after the global firm helped Canadian Solar on an investment by an investment firm in solar power assets in Queensland. The Foresight group invested in two large-scale solar farms, while simultaneously divesting another solar farm, in the state.
The companies invested in the 17MW Longreach Project, the 30MW Oakey 1 Project and the 70MW Oakey 2 Project. Currently under construction, the Longreach and Oakey 1 projects are expected to be connected to the grid this year. The Oakey 2 Project, expected to be connected to the grid after construction in the second half of the year, was given project financing by Australia’s Clean Energy Finance Corporation.
“Canadian Solar is a major global player with a strong track record in Australia. 2018 will be another stellar year for the Australian renewable energy industry. We believe that Canadian Solar will successfully roll out its pipeline of projects through the use of innovative structures and its collaborative approach,” said Simon Currie, NRF’s global energy head.
For the deal, NRF helped Canadian Solar put in place a unique structure that enables the Oakey 1 and Oakey 2 projects to share a connection infrastructure to connect to the Queensland grid.
“The innovative structures used in this project is reflective of the dynamic and progressive nature of the Australian renewable energy industry,” said Chris Mitchell, who jointly led the NRF team on this deal.
Currie and Mitchell were assisted by partner Martin Irwin, projects special consultant Kelly Davies, property special counsel Will Webster and regulatory special counsel Claire Forster. Senior associates Luke van Grieken, Lawry Brownlie, and Kathy Prince were also on the team. Further support came from associates Chanel Mercurio, Emily Johns, and Joanne Zhou, lawyer Jonathan Pham, and paralegal Ellen Laughton.
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