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Pacific Hydro advised on global funding platform
Two firms have advised on a multimillion-dollar transaction that sees financing across a portfolio of renewable energy assets throughout Australia and Chile.
Emma Musgrave
Firms: Allens (Pacific Hydro); Gilbert + Tobin (China Construction Bank – Agencia en Chile and DIFC Branch, the Commonwealth Bank of Australia, DNB Asia Ltd, Industrial and Commercial Bank of China Limited and National Australia Bank Limited)
Value: $670 million
Area: Finance
Key players: The team advising Pacific Hydro was led by Allens banking and finance partner Warwick Newell. He was supported by banking and finance partner Michael Ryan, banking and finance associate Tristan Kelly, and banking and finance lawyer Hamish McCormack.
The Allens due diligence team consisted of energy, resources and infrastructure partners Anna Collyer and Michael Graves; energy, resources and infrastructure senior associates Helen Verrier, Liz Fernando, Fiona Potter and Kate Kelleher; corporate associate Harini Amarasinghe; energy, resources and infrastructure lawyer Scott Joblin; and corporate lawyer Adam Percy.
The team advising the financiers to Pacific Hydro was led by Gilbert + Tobin banking and infrastructure partner Simon Lynch, with assistance from lawyers Daniel Yim, Andrew Kourpanidis and Liam Mulvey, and graduate Sarah McArthur.
Deal significance: Pacific Hydro’s implementation of a new $670 million global funding platform will provide financing across a portfolio of renewable energy assets throughout Australia and Chile.
The platform establishes one of the first cross-border portfolio financings for renewable energy assets by an Australian company, covering more than 568 megawatts of large-scale renewable energy, including both hydroelectric plants and wind farms, according to a statement from Allens.
The transaction involved refinancing a number of project-financed assets into the new facility, including wind farms at Portland, Challicum Hills and Clements Gap in Australia, and Punta Sierra in Chile, along with hydroelectric plants at Coya and Pangal and Chacayes in Chile, the firm said.
“We are delighted to have worked with Pacific Hydro on reaching financial close on this groundbreaking platform, and congratulate their team on achieving this outcome,” said Allens partner Warwick Newell.
“We are looking forward to working with Pacific Hydro on an ongoing basis to assist the company with its growth mandate in the renewable energy market.”
Gilbert + Tobin partner Simon Lynch said the firm was delighted to have advised the financiers on this strategically significant deal.
“Our past experience on major cross-border projects, due diligence and fundraisings was invaluable in advising the financiers and managing the technical and multi-jurisdictional challenges of this transaction, including the complex security arrangements,” he said.
“This deal highlights our team’s continued success in tackling innovative financing deals, and builds upon the success of our recent role advising Tilt Renewables on its renewable energy portfolio-style financing.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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