Neoen Financially Closes Hornsdale Wind Farm
Baker McKenzie has advised Neoen, a leading French renewable energy company, on the financial close of the final stage of the Hornsdale Wind Farm in South Australia, one of the most competitive renewable energy projects in Australia.
Siemens will supply and erect 99 wind turbines alongside South Australian firms Catcon and CPP, with the local economy to benefit from a global investment of more than $870m for the 3 stages of the Hornsdale project.
For the third time in 18 months, 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.
Baker McKenzie lead partner on the deal, Paul Curnow stated: "We are delighted to have assisted Neoen with the third and final stage of Hornsdale, which will be amongst the largest wind farms operating in Australia once complete. Hornsdale is unique in the way it was structured and financed on a staged basis – each time delivering pricing efficiencies."
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 and second stages of the project.
The Baker McKenzie team was led by partners, Paul Curnow and Sean Rush who were supported by partners Kate Jefferson and John Walker, special counsel Kate Phillips and Ana Gomiero-Guthrie and senior associates David Cooper and Tom Gastrell and associates Mike Webb, Lauren Drake, Luis Grech, Simon Ni, Justin Wong, Janet Cho.