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Australia’s largest solar farm one step closer
Stage two of the largest solar farm under construction in Australia has reached financial close.
Tom Lodewyke
Firms: Mills Oakley (Elecnor); PwC (Reach Solar); King & Wood Mallesons (lenders); Norton Rose Fulbright (Enel Green Power and the Dutch Infrastructure Fund)
Value: $450 million
Area: Projects, energy and resources
Key players: The Mills Oakley team advising Elecnor was led by partner Luke Westmore (pictured), with assistance from senior associate Mary-Anne El-Hage.
Deal significance: The Bungala Solar Farm in Port Augusta, South Australia, is the largest solar project under construction in Australia.
Stage two of the $450-million project has reached financial close, with equity provided by Italian company Enel Green Power and the Dutch Infrastructure Fund. Stage two is planned to be fully operational by January 2019.
The Bungala Solar Farm will comprise 860,000 solar panels and will produce 275 megawatts of energy, according to a statement from Mills Oakley. The firm advised Spanish company Elecnor, which will build the solar farm.
Project developer Reach Solar said the farm will produce enough energy to power around 130,000 homes. Origin Energy will purchase all the electricity and renewable certificates produced by the Bungala Solar Farm under a power purchase agreement signed in late 2016.
The project will be built on land leased from the Bungala Aboriginal Corporation.
Mills Oakley lead partner Luke Westmore said the project showcased the strength of Australia’s renewable energy sector.
“We are delighted to have been involved in this landmark project and to continue advising Elecnor on major renewable energy projects,” he said.
“The size of this project demonstrates the continued strength of the renewable energy sector in Australia.”
NRF and PwC advised on the purchase of the project earlier this year.
Pictured: Mills Oakley partner Luke Westmore
