White & Case worked with GPG while Allens advised the financing syndicate
White & Case and Allens have advised on a $2.3bn portfolio financing facility for Global Power Generation (GPG) Australia.
White & Case worked with GPG, while Allens assisted the bank syndicate involved. According to Allens lead partner Michael Ryan, the deal “reflects growing investor confidence in Australia’s renewable energy market”.
“This portfolio financing platform is a prime example of the innovative funding structures being developed to support the sector's growth”, Ryan explained.
The platform is set to support the development of GPG Australia’s 1.8GW renewable energy assets portfolio, which comprises eight operational assets that include solar and wind farms as well as battery storage projects. It also finances the construction of the Glenellen and Bundaberg solar projects, which are solar PV power plants.
“As the market matures we are seeing more portfolio financings in Australia. This structure enables organisations to use existing assets to provide greater flexibility for growth”, White & Case co-lead partner Brendan Quinn said.
Melbourne-based Quinn headed up the White & Case team alongside partner Candice Ota (Melbourne). They were assisted by associates SuZanne Yap (Melbourne), Mukesh Rajalingam (Sydney) and Matthew Weetman (Sydney).
The syndicate backing the financing effort consists of 11 domestic and international banks. The Allens team working with the syndicate comprised the following lawyers:
Finance
Energy
Outgoing lenders
GPG is a Spanish renewables developer jointly owned by Naturgy and a branch of the Kuwait Investment Authority.
