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NQ to see 2 more solar farms
Ashurst has advised Edify Energy on the development, financing and equity transfer to build and operate two solar farms in North Queensland.
Emma Musgrave
Firm: Ashurst (Edify Energy Pty Ltd)
Value: Undisclosed
Area: Finance
Key players: The Ashurst team was led by partners Paul Newman (utilities), Ben Warne (corporate) and David Mason (finance).
The trio were assisted by partners John Briggs and Gavin Scott, counsel Lucy Bretherton, senior associate Paul Wilson and lawyer Tristan Shepherd (resources and utilities); senior associate Rebecca Roach and lawyer Joey Chan (corporate); counsel Tim Macmillan, lawyers Jowa Chan and Wilson Lu (finance); partner Mark Disney, senior associates Lillian Yeung and Kate Robertson and graduate Eliza Brierley (infrastructure); with senior associates Carol Kahler and Harry Stone (real estate).
Deal significance: The two solar farms located in Northern Queensland are the 150-megawatt Daydream and 50-megawatt Hayman.
According to a statement from Ashurst, upon completion, the solar farms have a total capacity of 240MWp, generating enough power to provide 73,000 homes with clean energy. The solar farms are ready for construction and are expected to be fully operational by 2018.
“Edify Energy will retain 10 per cent of equity interest in the project and will provide construction and long-term asset management services. The remaining 90 per cent has been acquired by global investment management services provider, BlackRock Real Assets,” the firm’s statement said.
“Financing partners the Clean Energy Finance Corporation, Commonwealth Bank of Australia and French bank, Natixis, committed to a long-term syndicated debt facility for the project. The Daydream Solar Farm is underpinned by an offtake agreement with Origin Energy, and the Hayman Solar Farm has been financed on a merchant basis.”
Commenting further on the transaction, Mr Newman said: “It was a pleasure to advise Edify Energy on the development, investment into and project financing of the Daydream and Hayman solar farms”.
“This transaction positions Edify as Australia’s leading solar power project developer and asset manager, with five projects now under construction, and represents months of dedicated work by the Edify and Ashurst teams,” he said.
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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