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Cherry Tree Wind Farm backed by project financing
King & Wood Mallesons has advised Cherry Tree Wind Farm’s project financiers on their involvement in the renewable energy project.
Grace Ormsby
Firm: King & Wood Mallesons (ANZ and Mizuho Bank)
Value: Undisclosed
Area: Energy
Key players: Partner Chris Dynon led KWM’s team, with support from partner Louis Chiam, senior associate Andrew Vincent and solicitors Madeleine Coates and James Corrigan.
Deal significance: Cherry Tree Wind Farm is a 57.6 MW renewable project located near Seymour, Victoria.
Project financing will be provided by ANZ and Mizuho Bank with legal advice from King & Wood Mallesons.
Preliminary development activities and documentation for Cherry Tree Wind Farm were undertaken by Infigen Energy, which sold its interest to John Laing under an “innovative ‘capital light’ structure at financial close”, according to the firm.
The wind farm will be constructed under an EPC contract, and operated and maintained in a long-term service agreement with Vestas Wind Systems, it noted.
Infigen will still be involved in the project, with the company to “purchase all of Cherry Tree’s energy output under a 15-year PPA in addition to managing the construction for John Laing and providing ongoing asset management services”, the statement said.
Lead partner Chris Dynon said, “KWM’s experienced and multi-disciplinary team were able to draw upon the firm’s extensive experience in Australia’s renewable energy market to advise project financiers and achieve a favourable outcome.
“We were excited to be involved in this significant transaction and demonstrate the strength of our full-service capability to key participants in the market.”
