Herbert Smith Freehills has advised the international bank syndicate on the financing for H.R.L Morrison & Co’s acquisition of a 50% interest in the largest wind farm in the southern hemisphere, Macarthur Wind Farm in western Victoria.

H.R.L Morrison & Co purchased the 50% stake from AGL Energy Limited for A$532 million, with project financing secured from the bank syndicate which comprised of: National Australia Bank (NAB); BNP Paribas; The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG); ING Bank (Australia) Limited; and Mizuho Bank, Ltd.

East of the town of Macarthur, the Macarthur Wind Farm has a capacity of 420MW has been in operation since early 2013.

The Herbert Smith Freehills team was led by partner Joel Rennie, supported by executive counsel Peter Davis, senior associate Amelia Fleming and solicitors Paul Marshall and Rachael Le Tessier.

“The sale of a 50% stake in the largest wind farm in the southern hemisphere reflects a continuation of the strong support for Australian renewable energy projects recently demonstrated by the domestic and international investment community,” Joel said.

The deal is another example of the strong work of Herbert Smith Freehills’ project finance team in the Australian renewables sector. Herbert Smith Freehills has acted for the sponsors or financiers of more than 75% of the wind farms to achieve financial close in Australia to date, including the acquisition financing of the other 50% interest in the Macarthur Wind Farm in 2013 which Malakoff Corporation Berhad purchased from Meridian Energy.

AGL was advised by Macquarie Capital and Allens while H.R.L Morrison & Co was advised by Gilbert + Tobin.