Herbert Smith Freehills advised GE Energy Financial Services Inc and Continental Wind Partners (CWP), the developers of the Boco Rock wind farm in New South Wales (Boco Rock) in relation to the project’s development phase, equity sale by CWP and project financing.
In what was a complex, multi-faceted transaction, Thai-listed Electricity Generating Public Company Limited (EGCO) took 100% ownership of the project from CWP and will retain CWP to manage the wind farm locally. A consortium comprising GE and Downer EDI Limited, was awarded a contract to supply turbines, build and maintain the A$350 million project-financed wind farm. Boco Rock will be the first project in Australia to install GE’s new flagship 1.7-100 1.7 megawatt wind turbines.
Herbert Smith Freehills partner Gerard Pike said:
“This is an exciting project for our clients, GE Energy Financial Services and Continental Wind Partners Wind Prospect. The Project has involved a rigorous and high quality development process on all fronts and I think EGCO can be very proud to have Boco Rock as their first major investment in Australia.
Achieving the equity sale, project financial close and construction commencement simultaneously in a challenging market environment is a real achievement for all involved.”
The A$265 million limited recourse construction and term debt facilities for Boco Rock are committed by a bank syndicate comprising Australia and New Zealand Banking Group Limited, The Bank of Tokyo Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Westpac Banking Corporation and Industrial and Commercial Bank of China Limited.
Upon Stage 1 completion, the wind farm will comprise 67 turbines located just outside of Nimmitabel, in the New South Wales Snowy Mountains region, with a potential future expansion to 121 turbines.
EnergyAustralia has agreed to purchase the energy generated by the 113 megawatt Wind Farm to provide renewable power for its customers.
The Herbert Smith Freehills team was led by Gerard Pike, Andrew Clark and Brendan Quinn with assistance from Alicia Albury, Mark Montag, Adam Charles, Ged Cochrane, Micaela McLean, Lauren Prest, Maggie Chang and Shaun Lee.
