04/11/2019

G+T has advised Tilt Renewables on the standalone project financing package for the operational Snowtown 2 Wind Farm asset.

The package includes a 5year A$616 million term debt facility provided by a syndicate of 8 Australian and overseas commercial banks.

The proceeds of the debt facilities were used to retire A$483 million of existing Tilt Renewables corporate portfolio debt.

G+T advised on all aspects of the transaction, including the project documentation and land arrangements, which has allowed the Snowtown 2 Wind Farm to be independent of the remaining Tilt Renewables asset portfolio, both at an operation and financial level.

The G+T team consisted of Banking + Infrastructure Partners Adela Smith and Alex Danne, Corporate partner Neil Pathak and Property partner Amanda Hempel. The team was supported by senior consultant Lisa Hamilton, special counsel Caroline Mathie, senior lawyers Sachini Mandawala and Keara Stretton, lawyers Felix Buddee, Chris Tohme, Tiffany Sorge, Harrison Custance and graduate Annabel Kirkby.

Adela Smith commented, “G+T are delighted to have assisted Tilt Renewables on this milestone transaction, which has allowed the company to separate the Snowtown 2 Wind Farm from its corporate level financing arrangements into a separate operational wind farm. The quality of the asset has secured a market competitive debt package with a syndicate of 8 domestic and international banks, which is a testament to Tilt’s standing in the renewable energy market.”

Finlaysons acted as Tilt Renewables’ South Australian counsel, with Russell McVeagh providing New Zealand law assistance. The lenders were represented by Herbert Smith Freehills and Laity Morrow. MUFG provided financial advisory services to Tilt Renewables on the transaction.

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.

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