King & Wood Mallesons has assisted QIC, on behalf of its clients the QIC Global Infrastructure Fund and the Future Fund, on the first acquisition of the $3 billion Powering Australian Renewables Fund (PARF).

KWM advised on the $A257 million acquisition of the 102 MW Nyngan and 53 MW Broken Hill solar plants which has now reached financial close, marking the transfer of the first two seed assets into the fund.

The KWM team was led by Partners Craig Rogers and Roderick Smythe with support from Senior Associate Sharron Anderson and Solicitors Javad Asghari, Josh Thorneycroft and Heather Kirkup.

PARF is an innovative financing platform established in July in partnership with AGL to invest in large-scale renewable energy assets and projects. AGL provided $200 million in equity funding to the PARF, QIC, on behalf of its clients the Future Fund and the QIC Global Infrastructure Fund, provided $800 million.

“This first acquisition has demonstrated the success of PARF’s investment framework and governance and we are pleased to have helped our client reach this significant milestone. We look forward to continuing to support QIC on their continued expansion of their renewable energy asset portfolio through PARF,” said Rogers.