Global law firm Ashurst has advised the State of Tasmania on the sale of Basslink Pty Ltd (BPL) to APA Electricity T&D Pty Ltd, a subsidiary of the APA Group.
The State of Tasmania was a secured creditor of BPL, which entered administration and receivership in November 2021 after attempts at a solvent sale failed to proceed. APA was selected as part of a competitive sales process, in which the State of Tasmania played an active role. BPL owns and operates the Basslink Interconnector.
The transaction was focused on securing a suitable owner and operator for the Basslink Interconnector, a key element of the State of Tasmania's energy security, and negotiating acceptable terms to ensure that Tasmania's energy security is protected over the long term. The successful transaction also ensured the outcomes from the 2020 Arbitrations involving Basslink, the State of Tasmania and Hydro Tasmania were fully implemented.
Partner Kylie Lane commented: "We are delighted to have acted for the State of Tasmania on this significant and complicated transaction. We have supported the State over a number of years and are thrilled to have secured a successful outcome with the sale of BPL to APA and in the realisation of the State's objectives for Basslink."
The Ashurst team was led by partners Kylie Lane (Corporate Transactions) and Jeff Lynn (Planning, Access & Environment), who were assisted by: associate John Saunders (Corporate Transactions); partners Ross McClymont and Michael Sloan, and senior associates Bernice Chen and Jake Overend (Restructuring, Special Situations and Insolvency); partner Costa Koutsis and senior associate Anthony Hui (Tax); partner Chris Redden and senior associate Melany Wilson (International Projects Group); and partner Andrew Harpur (Dispute Resolution).
