Go to our Contact page for all our Contact details
G+T helps power $10bn TransGrid privatisation
The landmark privatisation of the TransGrid high-voltage electricity transmission network completed today, with Gilbert + Tobin advising the syndicate of 12 local and global financiers for the winning Hastings Funds Management and Spark Infrastructure led consortium bid.
NSW Electricity Networks acquired the TransGrid network from the NSW Government for $10.258 billion, with a $5.5 billion limited recourse financing package provided by the global syndicate.
Gilbert + Tobin’s proficiency in asset and regulated utility transactions and its strong track record in infrastructure financing and privatisations played a critical role in the transaction.
John Schembri, Head of Banking and Infrastructure at Gilbert + Tobin says: “The existing relationships with those financiers, as well as the depth and expertise of our team, enabled us to achieve the swift completion of one of this market’s largest ever financings in only three weeks from the announcement of the winning bid.
In NSW alone, we have represented the financiers on the privatisations of the Sydney Desalination Plant and the Port of Newcastle as well as a bid for Port Botany and Port Kembla. We also acted for the NSW Government on the privatisations of NSW Lotteries and Waste Services (WSN). With TransGrid, we have acted on the privatisations in NSW totalling over $20bn in the last few years.”
The team was led by Banking and Infrastructure partner John Schembri and senior lawyer David Kirkland, assisted by special counsel Caroline Mathie and lawyers, Gwyn Thurlow, Adela Smith, Sherry Khalili and Rob Scutella.
This is the first of three electricity privatisations currently planned by the NSW Government.