Baker McKenzie has advised Korea Zinc Co., Ltd. ("Korea Zinc") on its agreement with ACCIONA to jointly develop and operate the 923MW MacIntyre Wind Farm in southeast Queensland.
Under the joint venture arrangements, Ark Energy Corporation ("Ark Energy"), a new Korea Zinc subsidiary focused on decarbonising the group's energy supply, will take a 30% stake in the MacIntyre Wind Farm. ACCIONA will retain a 70% interest. Ark Energy and ACCIONA will together pursue the late stage development, construction, commissioning, operation and maintenance of the MacIntyre Wind Farm, which will be one of the largest onshore wind farms in the world once fully operational in 2024.
Together with the neighbouring 103MW Karara Wind Farm, which is owned by CleanCo Queensland, the two wind farms will generate clean electricity to supply nearly 700,000 homes, avoid the emission of around 3 million tonnes of CO2 each year and will involve a total investment of almost AUD 2 billion.
The Baker McKenzie team was led by Partner Tanya Denning, with support from Special Counsels Sarah Merrett and Lauren Kirkwood, Senior Associates Robert Gough and Lev Gantly, and Associate Daniel Conti.
"This deal demonstrates Korea Zinc's strong commitment to renewable energy in Australia, and represents a major step towards its Sun Metals zinc refinery in Townsville sourcing 100% of its energy from renewables by 2040," Tanya commented.
"We are delighted to have assisted Korea Zinc in reaching this significant milestone, and we look forward to continuing to work with Korea Zinc and Ark Energy to bring the MacIntyre Wind Farm to financial close," said Robert.