Neoen, majority owner of the Hornsdale Wind Farm, reaches financial close for the second stage of the project
Baker & McKenzie has advised Neoen, a leading French renewable energy company, on securing a long-term debt financing package for the second stage - 100MW of its Hornsdale Wind Farm project near Jamestown in South Australia.
Baker & McKenzie lead partner, Paul Curnow stated: “The financing of this second stage of the project is very encouraging.The Hornsdale Wind farm has been twice awarded a 20-year contract to supply green energy to the ACT, with the second stage achieving a record low price of $77 per MWh."
Siemens will supply and erect 32 wind turbines, in addition to the first stage of the project, which also comprises 32 turbines and is well advanced through construction. Siemens will also complete associated project works and will maintain the wind farm under a long-term maintenance contract.
The South Australian Government has provided consistent encouragement and assistance to the project since its inception in 2010.
For the second time in less than a year, Neoen has secured a long-term debt facility from KFW IPEX-Bank GmbH and Societe Generale. This financing package aligns the interests of the owners, the ACT Government, and Siemens.
The Baker & McKenzie team was led by partners, Paul Curnow and Sean Rush who were supported by partners Kate Jefferson, Bryan Paisley, John Walker and Amrit MacIntyre, special counsel Kate Phillips and Teresa Ientile, and senior associates Robyn Farrell and David Cooper.
Baker & McKenzie advised Neoen on their initial acquisition of Hornsdale Wind Farm from Investec in 2014, and then again on the project development and financing of the first stage of project.