Gilbert + Tobin (G+T) has advised Tilt Renewables Limited (Tilt Renewables) on the project financing of the 130MW Waipipi Wind Farm (formerly referred to as the Waverley Wind Farm) in South Taranaki, New Zealand. The Waipipi Wind Farm will have 31 turbines and generate 450-460GWh a year. The turbines will be spread across several farms on a 980-hectare coastal site between Pātea and Waverley.
G+T’s Banking + Infrastructure team assisted on the financing arrangements, which make the Waipipi Wind Farm the first project financed wind farm in New Zealand. The NZ$241 million construction and NZ$31 million bank guarantee facilities are funded by a syndicate of Australian and overseas commercial banks.
The transaction was tailored to fit a 20-year electricity offtake agreement with Genesis, providing the foundation for the construction of the project and an attractive limited recourse project financing package.
Banking + Infrastructure partner Adela Smith led the G+T team, with support from senior consultant Lisa Hamilton, special counsel Caroline Mathie and lawyer Felix Buddee.
Commenting on the deal, Adela Smith said, “We are delighted to have yet again assisted Tilt Renewables on the development of another milestone project, being the first wind farm in New Zealand to be project financed by international banks. The financing package is a testament to Tilt’s reputation in the market and its fantastic relationship with key lenders.”
MUFG acted as financial adviser to Tilt Renewables, with Anderson Lloyd as NZ legal counsel.
Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2019. Adela Smith is recognised in the Legal 500 Asia Pacific 2019 for Banking and Finance.