Herbert Smith Freehills has advised Providence Asset Group on the A$33 million portfolio project financing of its Northern Central Victoria Solar Portfolio, a collection of ten sub-5MW grid-connected community solar farms located in Northern and Central Victoria (the Financing).
The Financing was provided by Commonwealth Bank of Australia (CBA).
Each of the ten Financed projects are operational and grid-connected, and together generate enough solar energy to power approximately 20,000 Victorian households each year.
The Herbert Smith Freehills team was led by partner Gerard Pike, with the support of senior associate Caroline Rowe, solicitors Jana Mavroidakos and Sarala Baskaran, and graduate Nick Gillies.
Gerard Pike said, "We are thrilled to have helped Providence to achieve financial close for their ten Victorian solar projects using an innovative portfolio financing structure, which we think is a first of its kind in Australia. It was great to see the close cooperation between Providence and CBA to negotiate and close this transaction very smoothly despite the persisting Covid-19 conditions."
This deal is another example of Herbert Smith Freehills' market-leading work in the renewable energy sector. Other recent examples include advising:
- RES on the project financing and sale of the Dulacca Wind Farm in Queensland
- Powering Australian Renewables' financiers on the NZ$3.07 billion acquisition of Tilt Renewables
- Tilt Renewables on the procurement of the Rye Park Wind Farm in NSW
- the financiers on the project financing of UPCAC Renewables' New England Solar Farm
