Global law firm Ashurst has advised Ark Energy Corporation Pty Ltd, a subsidiary of Korea Zinc Co. Ltd, on its acquisition of Epuron Holdings Pty Ltd, a leading utility-scale wind and solar developer in Australia.
Epuron has been a leader in the growth of Australia's renewable energy industry having developed over 3GW of capacity since its establishment in 2003. Epuron has 4.2GW of early-stage development projects, a further 4.8GW in the investigation stage and owns and operates ~7MW of fully contracted off-grid solar generation assets (together the Projects). The Projects are located across New South Wales, Queensland, Tasmania and the Northern Territory.
Korea Zinc is one of the world's largest smelting companies of non-ferrous metals, in particular zinc. The company strives for a sustainable future and was the first major refiner in the world to join the RE100 initiative and commit to powering its entire global operations from clean energy by 2050. The acquisition of Epuron, including the Projects and Epuron's other interests, will accelerate Korea Zinc's vision to become one of the world's largest producers of green zinc.
The parties have entered into a share purchase agreement which is conditional on the satisfaction of certain conditions precedent, including FIRB approval. Ark Energy received FIRB approval in early 2021 to acquire a 30% stake in 923MW Macintyre Wind Farm.
The transaction will allow Ark Energy to develop a significant portfolio of renewable assets across the Australian market. Ashurst advised Ark Energy on all aspects of the transaction.
Partner Paul Curnow commented:
"We are delighted to have advised Ark Energy on the acquisition of Epuron Holdings. We look forward to working with the Ark Energy team to close the acquisition and to support their ambitions to become a major domestic supplier and exporter of green hydrogen from renewable energy."
The Ashurst team was led by partners Paul Curnow and Murray Wheater. The team included partners Kate Phillips, Rebecca Dixon, Clare Lawrence, Jennie Mansfield, Georgia Quick, Ian Kellock, Geoffrey Mann, Nina Fitzgerald, Rebecca Cope, Alyssa Phillips, Senior Associates John Nielsen, Robert Gough, Paul Wilson, Libby McKillop, Mohamad Ardati, Rani Krechster, James Sainty, Stevie Gough, Nathan Lindsay, Associates Jack Jones, Joshua Hetzel, Haymini Sibam Samba, Leanne Mahly, Ray Cheng, Alex Moss and Graduate Alexandra Goodman.
