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ABN AMRO and ING achieve financial close
Banks ABN AMRO and ING have achieved financial close for Fotowatio Renewable Ventures Winton Solar Farm with assistance from Herbert Smith Freehills.
Naomi Neilson
Firm: Herbert Smith Freehills (ABN AMRO and ING)
Value: Undisclosed.
Area: Finance.
Key players: The cross-practice team acting for the banks was led by partner Gerard Pike with support from partner Alison Dodd, senior associates Caroline Rowe and Marianna Schneider, solicitors Beryl Yan and Will Kennedy and graduate Luke Kavanagh.
Deal significance: Construction has begun on the 85MWac solar project. Once operational, the solar farm will supply enough electricity to power about 50,000 Victorian homes and see carbon emissions reduced by 150,000 tonnes.
Winton Solar Farm won an offtake agreement from the Victorian government in the Victorian Renewable Energy 2017 Reverse Auction Scheme aimed at supporting the achievement of Victoria’s legislated Renewable Energy Target (VRET) of 50 per cent by 2030. Winton is the fifth out of the six projects to achieve financial close.
Mr Pike said: “It is great to start 2020 having helped ABN AMRO, ING and FRV to achieve financial close on a large new solar project for Victoria.”
“Construction of Winton Solar Farm would not have happened without the Victorian government’s commitment to renewable energy. It is another meaningful step towards reducing Australia’s carbon footprint and combating climate change.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
