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Powerchina Resources buys 80% stake in Tassie wind farm
An 80 per cent acquisition of Tasmanian renewable project Cattle Hill Wind Farm by a Chinese-owned resources company marks its first investment in the Australian sector.
Melissa Coade
Firms: Allens Linklaters (Powerchina Resources Ltd ); Herbert Smith Freehills (Goldwind)
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Deal: An 80 per cent stake in Tasmania’s Cattle Hill Wind Farm has been sold to Powerchina Resources Ltd (PCR) by Goldwind.
Value: Undisclosed
Area: Corporate, energy and resources, projects
Key players: Allens and Linklaters advised PCR on all aspects of the deal in Australia and China, including legal due diligence and transaction documents.
Allens partner Wendy Rae (pictured) led the corporate team advising PCR, with assistance from senior associate Nick Kefalianos and solicitor Elysia Longo.
While partner Kate Axup led the projects and development team, which included partners Nicholas Ng, Michael Graves and Jillian Button; senior associates Lucy Woodruff, Danielle Jones and Emily Johnstone; associates Shona Shang, Isabella Kelly and Brydon Wang; solicitor Georgia Dobbyn and graduate Will Rennick.
Deal significance:
A statement from Allens said that PCR was the investment arm of one of China’s largest multinational companies — the Power Construction Corporation of China Ltd.
As part of the deal, PCR will acquire 80 per cent of the Cattle Hill Wind Farm in Tasmania, while Goldwind retains the remaining 20 per cent.
This will be PCR’s first investment into the Australian renewable energy market.
The Tasmanian wind farm development, with 48 wind turbines capable of producing up to 150 megawatts of renewable energy, is expected to be completed by next year.
“We congratulate PCR on its first investment in the Australian renewable energy market,” said partner Kate Axup, who led the legal team advising PCR together with partner Wendy Rae.
