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Iberdrola secures first Australian energy acquisition
Allens has advised Iberdrola on its first Australian renewables acquisition.
Tony Zhang
Firms: Allens (Iberdrola)
Value: Undisclosed.
Area: M&A, energy.
Key players: The Allens team was led by partners Kate Axup, Wendy Rae, David Donnelly, Michael Ryan, Jillian Button, Michael Graves and Adrian Chek.
They were assisted by managing associate Lisa Zhou, senior associates Timothy Leschke, Danielle Jones, Emily Johnstone, Lucy Woodruff, Jay Prasad along with overseas practitioner Sarah Delaney, associates Kanana Fujimori, Elysia Longo, Jon Wenham and lawyers Chryssanthe Hronopoulos and Mai Mitsumori-Miller.
Deal significance: The 320-megawatt project will be the first venture in Australia for Iberdrola, one of the world’s largest electricity utilities and the number one producer of wind energy in the world. Iberdrola has around 53 gigawatts of installed generation capacity in Europe, the US and South America, around 32G gigawatts of which is renewable.
Expected to generate around 900-gigawatt hours of electricity a year – enough to power around 180,000 homes – it forms part of Iberdrola’s Australian investment strategy.
“We are delighted to have worked with Iberdrola on its first investment in the Australian renewables sector, and look forward to continuing to assist in the development phase of this important project,” said Ms Axup.
“It is great to see the Australian renewables market continue to attract foreign investors of the calibre of Iberdrola.”
