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Palau Solar and Battery Project receives US$22m in financing

Global law firm Ashurst has advised on “the largest hybrid solar photovoltaic facility and battery energy storage system of its kind in the Western Pacific region”.

user iconLawyers Weekly • 01 March 2022 • Big Law
Palau Solar and Battery Project receives financing
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Firm: Ashurst (Solar Pacific Pristine Power)

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Deal: Solar Pacific Pristine Power (SPPP), a subsidiary of Solar Pacific and part of the Alternergy Group, has been advised on the US$22 million project financing of a 15.28-megawatt peak (MWp) solar photovoltaic facility and 10.2-megawatt AC (MWac)/12.9-megawatt-hour (MWh) battery energy storage system located in Babeldaob, the largest island in the Republic of Palau.

The project financing has been provided by the Australian Infrastructure Financing Facility for the Pacific (AIFFP) and the Commonwealth of Australia. Financial close is expected to occur in early 2022.

Area: Project financing

Value: $22 million

Key players: The Ashurst team was led by partner David Mason, who was assisted by counsel Douglas Fung and associate Fiffy Che and partner Dan Brown.

Deal significance: “The project will contribute towards Palau’s target of 20 per cent renewable energy by 2025, and reduce its reliance on imported diesel for power generation,” Ashurst said.

“The solar power plant is anticipated to deliver up to 23,000 megawatt hours per year to the grid and is expected to support up to 150 local jobs during peak construction.”

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