The deal creates an opportunity for buyer Pioneer Energy in its portfolio growth strategy
Harmos Horton Lusk has helped Roaring Forties Energy Limited Partnership to divest its 50% stake in Southern Generation Limited Partnership to Pioneer Energy.
With the share acquisition, Pioneer Energy has realigned its overall business structure to synergise its broader generation and investment portfolios.
“The opportunity created through the acquisition of the Southern Generation shares from Roaring Forties has enabled a step change for Pioneer Energy in our continued strategy to diversify and grow our investment portfolio. This will enable a number of attractive options for new equity investment into this increasingly diversified portfolio”, group CEO Fraser Jonker said.
Pioneer Energy and Southern Generation’s hydro, wind and thermal assets have been combined under the new entity Pioneer Energy Renewables LP (PER). Former Pioneer GM Contracting Peter McClean will serve as GM for PER.
The Harmos Horton Lusk that advised Roaring Forties was spearheaded by director Tim Mitchelson. Associate Robbie Selbie was also on the team that worked on the transaction.
Roaring Forties is a joint venture between The Power Company Limited and Electricity Invercargill Limited. Southern Generation Limited Partnership is a renewable energy development partnership with a portfolio of renewable generation assets.
