G+T advised the Commonwealth Bank (CBA) on its A$1.7 million landmark deal financing the acquisition of pastoral leases under a prepayment structure involving the supply of Australian Carbon Credit Units (ACCUs) to CBA over a five-year period. This transaction is one of the first known private ACCU finance deals in Australia and supports the development of a carbon credit supply from Forever Wild, an ecological and social enterprise operating in the domestic agriculture sector.

The G+T team was jointly led by head of Banking + Projects partner John Schembri, special counsel Louise McCoach and head of Climate Change partner Ilona Millar. John, Louise and Ilona were supported by lawyers Tim Dobson, Clarke Heap and Isham Sanjiv.

Louise commented “It was a pleasure to advise on this innovative ACCU financing deal which plays an integral part in CBA’s strategic priorities. This landmark transaction paves the way for how other organisations can look to achieve a more sustainable future. We are delighted to have the opportunity to support CBA as pioneers in the industry on this sector first initiative."

G+T's Banking + Projects team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance and Banking and Finance - Corporate Finance by Chambers Asia-Pacific 2022. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. G+T act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions and major bespoke financings to complex restructuring projects.

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