DLA Piper has advised the Australian Renewable Energy Agency (ARENA) on project financial close for another of ARENA's multi-million dollar large-scale solar PV competitive funding round projects.
 
ARENA has committed up to AU$9.5 million in grant funding for the Whitsunday Solar Farm in Collinsville, Queensland – one of three large-scale solar projects to be developed by Edify Energy and Wirsol, along with the Hamilton Solar Farm and Gannawarra Solar Farm.
 
The portfolio of projects is financed by the Clean Energy Finance Corporation, The Commonwealth Bank of Australia and NORD/LB. ARENA will benefit from knowledge sharing activities across all three projects.  
 
The DLA Piper team was led by Finance and Projects partner Kate Papailiou with senior associate Marnie Carroll, senior foreign legal associate Gemma Lawrence and solicitor Billie Stevens.
 
Kate Papailiou said: "This is a landmark transaction for the Australian renewables market as the first portfolio of solar projects to achieve financial close.
 
"With innovative structures, come challenges to usual positions and modes of thinking – but also great opportunity for all stakeholders to work collaboratively and creatively. We are proud to have been a part of this process with ARENA, the sponsors and their counsel."
 
The Whitsunday Solar Farm project received a Solar 150 Incentive Deed from the Queensland Government. The Queensland Government undertook a parallel bidding process for projects that were successful in receiving grant funding in the ARENA funding round.
 
ARENA has committed AU$92 million in funding for 12 new large-scale solar PV plants across Australia, consisting of 480 MW in total.
 
DLA Piper has also advised ARENA as portfolio counsel for all shortlisted projects and as project counsel advising on the funding agreements for the Parkes Solar Farm, Griffith Solar Farm and Dubbo Solar Farm – all in regional New South Wales.