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Clayton Utz has advised renewable energy business Hydro Tasmania on the strategic sale of its Roaring 40s China wind farm portfolio to its joint venture partner China Light and Power (CLP).The…
Clayton Utz has advised renewable energy business Hydro Tasmania on the strategic sale of its Roaring 40s China wind farm portfolio to its joint venture partner China Light and Power (CLP).
Clayton Utz corporate partner Nick Miller led the transaction, and has a longstanding client relationship with for Hydro Tasmania. He also led the Clayton Utz team that advised Hydro Tasmania on the establishment of the Roaring 40s joint venture in 2005, as well as its acquisition in 2007 of Momentum Energy Pty Ltd, a green power electricity retailer in Victoria.
The latest transaction in the series was completed with support from Clayton Utz senior associate Sam Cottell and lawyer Ying Dai.
"The deal tested our ability to negotiate a cross-border transaction in the current circumstances with a risk-averse buyer in a foreign jurisdiction which involves uncertain regulatory issues," Miller said.
Miller said regulatory uncertainty was a complicating factor throughout the deal negotiations, with the renewable energy market in the People's Republic of China still at an early stage of development.
"A number of complex issues arose including electricity regulatory issues in the People's Republic of China, structuring of the sale and amending the existing joint venture arrangements in light of the new focus of the joint venture," he said.
Roaring 40s Renewable Energy Pty Ltd was established in 2005 as a 50-50 joint venture between Hydro Tasmania and the CLP Group and has a portfolio of wind farm developments in Australia, China and India.
Roaring 40s will continue to operate in Australia as a 50-50 joint venture between Hydro Tasmania and CLP, focussing predominantly on emerging renewable energy opportunities in Australia and New Zealand.
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