Gilbert + Tobin (G+T) has advised Infrastructure Capital Group (ICG) on its partnership with Providence Asset Group (PAG) to develop a series of at least 10 solar farms in Victoria and New South Wales.
ICG is a leading Australian infrastructure manager with ~A$3.5bn of equity under management. ICG is one of Australia’s largest investors in renewable energy, with investments in over 1,166MWAC of operating renewable energy generation capacity, and has been investing in renewable energy for approximately 17 years.
The transaction involved ICG acquiring a majority interest a solar and storage portfolio, known as the Ginan Solar Portfolio. The interest will be acquired from PAG, a developer, investor and manager of renewable energy projects across Australia with a focus on solar and energy storage systems.
The G+T team advised on all aspects of the transaction including project due diligence on the solar farms, sale documents related to an integrated hydrogen energy storage system and patented metal hydride storage technology developed by PAG, the establishment of a detailed joint development deed, and sale and finance transaction documents.
Partner and Head of Energy + Infrastructure Alexander Danne led the G+T team, with support from special counsel Matthew O’Connor, lawyers Kestin Brown, Nick Cerche, Grace Chia, Chi Han Yeo and Tom Carberry. Corporate Advisory and Co-Head of Corporate Advisory partner Neil Pathak provided support on key corporate aspects of the transaction.
Alexander Danne said “We were delighted to work with ICG on this exciting project which is the first investment by ICG into solar farms, and both broadens and strengthens ICG’s renewable energy presence in Australia.”
Lawyers John McMeniman, Brittany Baker, Arabella Tole, Rose Kenny and Eric Saliwonczyk also assisted with the due diligence process and Partner and Head of Climate Change Ben Fuller and lawyers Nina Pearse and Ben Hayward advised on environmental and planning aspects of the transaction.
Gilbert + Tobin has one of Australia’s leading energy transaction practices. Landmark deals on which G+T has advised on include advising the PowAR Consortium on the $3 billion take private of Tilt Renewables, Infigen on its competing takeover bids by Iberdrola and UAC for approx. $900 million and Tilt Renewables sale of Snowtown 2 for over $1 billion. Gilbert + Tobin also advises a broad range of developers and contractors in the renewable energy sector in relation to project development.