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Canberra Metro has been advised on the debt refinancing of the Canberra Light Rail Stage 1 alignment.
Firm: Herbert Smith Freehills (Canberra Metro and its owners: John Holland, Pacific Partnerships, Aberdeen Standard Investments and Mitsubishi Corporation); Allens (ANZ and Commonwealth Bank, in their capacity as lenders and green loan coordinators).
It is, the firm added, the first operational infrastructure project in Australia to be financed with an innovative “Green loan”.
Value: $280 million.
Area: Project finance.
Key players: The HSF team was led by partner Erin Wakelin, who was supported by senior associate Gabby Herron-Cartwright and solicitor Nicholas Gerovasilis. The Allens team was led by partner Scott McCoy, who was assisted by partner Rob Watt, senior overseas practitioner Maria Ryan, associates JJ Aldahr, Darwin Ni and Tim Sexton, and lawyer Adam Silver.
Deal significance: Ms Wakelin said: “The refinancing of the Canberra Light Rail with a Green Loan represents an important development in project financing in Australia.”
“Financing by way of a novel Green Loan represents a strong commitment by the key stakeholders involved in the Project towards meeting the challenges of climate change,” she added.
Mr McCoy noted: “We are delighted to continue working with Canberra Metro and its lenders on the green financing of this landmark infrastructure project.”
“Having the green loan certification is a fantastic outcome. While this is Australia’s first green loan-certified PPP, we expect there will be many more to come as this area of financing becomes increasingly sought-after in the market,” he said.
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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Jerome Doraisamy
