Three firms have acted on a “pioneering” solar project financing in Queensland.
Herbert Smith Freehills (HSF) advised National Australia Bank and Westpac Banking Corporation on the project financing of Emerald Solar Park.
The project is developed by RES Australia, which was advised by
Norton Rose Fulbright (NRF).
King & Wood Mallesons (
KWM) acted for Lighthouse Infrastructure Solar Fund, which has acquired the project.
KWM also acted for Telstra, the off-taker of the project.
HSF said that the financial close of the deal marks the first banked transaction in Australia with a corporate PPA from Telstra.
The HSF team was led by partner Elizabeth Charlesworth. She was assisted by partners Toby Anderson and Miles Wadley; senior associates Melissa Solomon, Daniel Ficyk, Tyson Carruthers, and Matthew Soden-Taylor; and solicitors Yun Yong, Arnica Mullins, and Matt Wertheimer.
"This is an important milestone for the development of further corporate PPAs in the market and demonstrates Telstra's commitment to support renewable energy and to actively participate in the energy market to contribute to a more stable energy system whilst also reducing its energy costs," said Charlesworth.
Expected to be fully operational by the end of next year, the Emerald Solar Park will have about 275,000 solar panels producing 68MW, which can power more than 35,000 homes in Queensland.
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