HSF guides Clean Energy Finance Corporation on $50m equity investment

Herbert Smith Freehills (HSF) has provided guidance to Australian government-owned green bank Clean Energy Finance Corporation (CEFC) on its $50m equity investment in a new venture capital fund managed by Ellerston Capital.

According to CEFC, the Ellerston 2050 Fund will focus on investing in listed and unlisted small to mid-sized companies that are actively taking part in reducing carbon emissions in the economy. These include companies with low carbon products, technology, and services that enable energy efficiency or facilitate the accelerated adoption of low emissions technologies.

Companies targeted by the 2050 Fund will be assessed on their ability to contribute to “meaningful carbon abatement.”

“We are confident the 2050 Fund will enable fast growing companies to benefit from the transition to net zero emissions by bringing innovative products and service solutions to market,” CEFC CEO Ian Learmonth said. “By backing these new businesses, we are demonstrating how we can support economic growth while also reducing emissions.”

Partner Fiona Smedley and special counsel Yorick Ng led the HSF team in advising CEFC on the deal.

“We are delighted to continue supporting the CEFC in undertaking its important clean energy investment work,” Smedley said. “We are proud to have been involved in this transaction and to be supporting CEFC’s innovation and leadership in driving sustainable and energy efficient practices.”