Herbert Smith Freehills has advised a group of four refinancing banks - Bank of China Limited, Sydney Branch, Commonwealth Bank of Australia, Deutsche Bank AG, Sydney Branch and Westpac Banking Corporation - on the refinancing of the 333MWdc/275MWac Darlington Point Solar Farm.
The solar farm, which is one of Australia's largest, comprises close to one million solar panels in the Murrumbidgee shire of western-NSW and is managed by Octopus Investments. Financing for the solar farm was originally obtained in December 2018 and it commenced commercial operations in late-2020.
The Herbert Smith Freehills team was led by partners Elizabeth Charlesworth and Clare Smethurst and supported by executive counsel Amelia Fleming, senior associate Michael Lake, solicitor Nicholas Gerovasilis and graduate Calida Tang.
Elizabeth Charlesworth commented, "We are pleased to have advised the lenders on the refinancing of the Darlington Point Solar Farm, currently one of the largest solar farms connected to the National Electricity Market, ultimately helping to drive Australia's transition to clean energy."
Allens was the legal adviser to the borrower and Elgar Middleton was its financial adviser.
With this deal, Herbert Smith Freehills continues to demonstrate its leadership in Australia's clean energy sector, having recently advised:
- Tilt Renewables on the refinancing of its renewable portfolio, including in relation to the 102MW Nyngan and 53MW Broken Hill Solar Farms and the 199MW Silverton Wind Farm;
- Genex Power on the development, offtake and project financing of the 50MW/100MWh Bouldercombe Battery Energy Storage System in Queensland;
- RES Australia on the development, offtake, project financing and sale of the 180MW Dulacca Wind Farm in Queensland which was sold to Octopus Investments at financial close last year; and
- Pacific Partnerships on its acquisition of the 125MW Glenrowan Solar Farm to be located in Victoria from Esco Pacific.
