Gilbert + Tobin (G+T) has advised HRL Morrison and Co (Morrison & Co) on the sale of a 50% effective interest in the Macarthur Wind Farm on behalf of the Commonwealth Superannuation Corporation (CSC) to funds managed by Palisade Investment Partners and First Sentier Investors.
The 420MW Macarthur Wind Farm is Australia's second largest operating wind farm and comprises 140 wind turbines located near Macarthur in Victoria. It generates enough power for over 181,000 homes.
The G+T team advised Morrison & Co on all aspects of the sale transaction, including structuring and reporting on vendor legal due diligence, the competitive bidding process, advising and negotiating the sale and purchase agreement and assisting with refinancing aspects of the purchaser’s acquisition.
G+T has a long history of working with Morrison & Co, having advised on the initial acquisition of the asset in 2015, and on a refinancing of the project in 2018.
The transaction was jointly led by Corporate Advisory partner David Josselsohn and Head of Energy + Infrastructure Alexander Danne, with support from special counsel Matthew O’Connor, consultant Michael McDonald and lawyers Kestin Brown, Emily Rothfield and James Soussa.
David and Alexander said “We were delighted to act for our long-standing client Morrison & Co on this significant sale transaction, which will allow CSC to re-invest in new renewable energy projects.”
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.