Gilbert + Tobin (G+T) has advised ANZ Bank as senior lender on its A$90 million acquisition and portfolio financing facility made available to commercial rooftop solar provider, CPE Renewable Investment Unit Trust (CPERI), a funding vehicle joint venture between First Sentier Investors and CleanPeak Energy.
The lending facility supported CPERI’s recent acquisition of the Enwave Australia distributed energy business from Infrastructure Capital Group, helping expand CPERI’s asset portfolio to the supply of clean and reliable embedded networks within large building precincts.
The financing not only enables CPERI to diversify its business but also provides committed funding for further projects, with a focus on integrated rooftop solar and batteries, and embedded networks within energy efficient building - including the landmark Central Park development close to Sydney's Central Station, as well as plants at Qantas' Mascot office precinct and the Tonsley Innovation District in Adelaide.
G+T supported ANZ in structuring a financing package that included taking security over a wide and diverse range of assets across multiple sites in Australia. This required a detailed analysis of CPERI’s portfolio and the key revenue contracts underpinning its business. G+T was able to negotiate and successfully implement a facility structure that gives CPERI the flexibility to continue its impressive growth, whilst at the same time maintaining ANZ’s robust lending position.
Banking + Infrastructure Partner Simon Lynch, who led the G+T team, said the transaction represented a significant opportunity for ANZ to help support the ambitions of an entrepreneurial Australian company and growth of an important sector in the economy.
“We are delighted to have advised ANZ on structuring the financing facility for CPERI which was integral to the company being able to pursue its strategic acquisition and future growth plans. The commitment from ANZ to support CPERI with a robust and responsible lending package is a testament to its continued investment behind some of Australia’s leading energy businesses and helping support innovation and clean energy generation.”
Lawyers William McCann and Hannah Bragge, and graduate Stephen Powell also assisted on the transaction.
CPERI was advised by King & Wood Mallesons on the financing.
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 2020. In the IFLR1000 Specialists Guide 2019, G+T are recognised for work in Unitranche financings, the only Australian firm to be recognised. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. We act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions to complex restructuring projects.