Transaction involves the sale of two solar plants and a hybrid energy project
Clifford Chance is advising Photon Energy Group on the proposed sale of two solar photovoltaic (PV) power plants and a hybrid PV-battery project in New South Wales, Australia, to CleanPeak Energy. The deal is expected to close in October 2024.
The portfolio includes the Leeton and Fivebough solar PV power plants, with a combined capacity of 14.5 MWp, and the Boggabri development-stage hybrid project, which features 8.2 MWp of solar power and 10.9 MWh of battery storage. Both the Leeton and Fivebough solar farms are connected to the Essential Energy distribution network and primarily sell electricity through the National Electricity Market (NEM).
Meanwhile, the Boggabri project is now ready for construction, having received development approval and a connection offer from Essential Energy.
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Clifford Chance’s legal team, led by Reuben van Werkum, is providing counsel on the transaction, continuing the firm’s strong track record of advising on significant energy deals in Australia.
"We are pleased to be representing Photon Energy Group on this deal that underscores the importance of continued investment in distributed energy resources (DERs) as well as grid-scale energy storage technologies," van Werkum said. He added that the portfolio would contribute to grid stability and help ensure New South Wales' energy supply as part of the broader transition to clean energy.
This is not the first time Clifford Chance has partnered with Photon Energy Group as they have previously advised the company on the structuring and sale of a 1.14 GW portfolio of solar PV projects across New South Wales.
The law firm has a strong track record in handling significant energy and infrastructure transactions globally, including advising on Brookfield’s proposed acquisition of renewables developer Neoen and Partners Group’s sale of CWP Renewables.