Herbert Smith Freehills has acted for OMERS Infrastructure on its acquisition of a 49% interest in the Fotowatio Renewable Ventures (FRV) Australian renewables business, comprising 637 MWDC of operational and under construction solar PV projects, as well as a development pipeline comprising 2.7GWDC of solar PV projects and 1.3GWh of battery energy storage assets.
OMERS Infrastructure, part of one of Canada's largest pension funds, is a leading global infrastructure investor. The transaction marks a significant renewable energy investment by OMERS Infrastructure and adds to the fund's existing Australian infrastructure portfolio that includes investments in the Port of Melbourne and Transgrid.
The Herbert Smith Freehills team was led by partner David Ryan, with senior associate Michael Trent and solicitors Aditya Shivam and Blair Feng.
David Ryan said, "Congratulations to both OMERS Infrastructure and FRV on the start of what will undoubtedly be an exciting and fruitful joint venture for both of them. The Australian energy market is at an exciting crossroads, and the FRV Australia platform is well-positioned to play a leading role in the transition to greater levels of renewable generation."
OMERS Infrastructure was also advised by ICA Partners and EY, while FRV was advised by Credit Suisse, White & Case and EY.
This deal is another example of Herbert Smith Freehills' market-leading transactional work in the Australian energy and renewables sector. Other 2021 examples include advising:
- RES Australia on the sale of the Avonlie solar project and the development, project financing and sale of the Dulacca wind farm project
- AGL Energy and the financiers on Powering Australian Renewables Fund's NZ$3.07 billion acquisition of Tilt Renewables
- TasNetworks on development of the Marinus Link electricity interconnector
- The NSW Government on the introduction of renewable energy zones and implementation of the NSW Energy Roadmap
- New Energy Solar Limited on the sale of its Manildra and Beryl solar farms
