Two legal giant have acted in a transaction that moves a ground-breaking renewable energy project in Australia closer to reality.
White & Case advised Offshore Energy on its strategic partnership with Danish fund manager Copenhagen Infrastructure Partners (CIP), which was supported by
Clayton Utz. The agreement is for the development of the $8bn “Star of the South” wind farm project.
The project will not only be Australia’s first-ever offshore wind farm, it will be the country’s largest-ever renewable energy project upon its completion. The project will be built in the Bass Strait, about 10 to 25 kilometres off the south coast of Gippsland in Victoria. At full capacity, it is expected to general 2,000MW of electricity.
The White & Case team in Melbourne was led by partners Andrew Clark, Adeline Pang, and Tim Power. It included associate Bryce Paterson.
The Clayton Utz team was led by partners Peter Staciwa and Rory Moriarty. It included partners Faith Taylor and Damien Gardiner. Staciwa said the project is an exciting development for both the firm and Australia’s renewable energy sector.
“In an increasingly competitive renewables marketplace, it is an example of a growing trend of financial sponsors such as CIP partnering at an early stage with project developers to ensure not only that the sponsor has greater investment certainty, but also that the project developers have access to the necessary resources to get the project off the ground,” he said.
The next stage of the project will be the completion of detailed environmental and feasibility studies and gaining regulatory approval from the government.
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