Gilbert + Tobin advised National Australia Bank Limited (NAB) and Sumitomo Mitsui Banking Corporation (SMBC) as financiers to Fotowatio Renewable Ventures (FRV), funding the multimillion-dollar construction of the Clare Solar Farm project.
The Clare Solar Farm project is FRV’s largest project to date and is the first utility-scale solar generation facility in Australia to secure financing purely on the basis of a commercial Power Purchasing Agreement without any additional grant funding. As well as boosting the regional economy, the project, once constructed, will generate more electricity than any other solar farm in Australia.
Gilbert + Tobin provided expert advice in relation to the provision of debt services and ensured the smooth negotiation and finalisation of the project, connection, land tenure and financing arrangements, all within a tight deadline.
Energy + Resources partner Christopher Flynn and Banking + Infrastructure partner Simon Lynch are delighted to have acted for NAB and SMBC and to have played a role in ensuring the completion of this highly time-sensitive and market-leading transaction:
“The seamless execution of the transaction highlights the team’s continued success in providing our clients with efficient and responsive advice, reinforced by our considerable expertise in the project financing and renewables sectors.”
The Gilbert + Tobin team was led by Energy + Resources partner Christopher Flynn and Banking + Infrastructure partner Simon Lynch, who were assisted by lawyers Adela Smith, Tim Kennedy and Corrie Eames.
Gilbert + Tobin’s market-leading Energy + Resources team advises on all aspects of energy and resources projects, including finance, acquisitions and disposals, project development and delivery strategies, construction, procurement, regulation and operations. Gilbert + Tobin’s Banking + Infrastructure team is consistently regarded by many as the firm of choice on banking and financial matters, particularly in relation to acquisition and corporate finance transactions.