This is the first non-recourse solar portfolio financing in NZ by foreign investors, firm says
Ashurst has been tapped as international counsel to Aquila Clean Energy APAC in relation to its procurement and portfolio financing of solar PV projects in New Zealand.
This transaction represents the first non-recourse solar portfolio financing in New Zealand by foreign investors, the firm said.
The projects have an expected capacity of 180MWp, and the portfolio is part of a broader 1.4GW portfolio of solar PV assets that will be developed through a joint venture between Aquila and Far North Solar Farm Limited.
The financing was backed by Westpac New Zealand Limited. In the portfolio, the first project to start construction is the 20.8MWp Pukenui Solar Farm; three additional projects were confirmed to be eligible for support under the debt financing.
The Ashurst team was led by partner Bree Miechel, with assistance from consultant Chris Skordas; senior associates Achal Gupta, Stephen Blair, and Charlotte Inglis; and associates Suman Prusty, Nicholas Spiller, and Georgia Pasialis (projects and energy transition). Partner Adam Firth and Ben Judge (strategic advisory) also pitched in.
A subsidiary of Aquila Group, Aquila Clean Energy APAC focuses on clean energy, green infrastructure, and sustainable real estate.
