Baker McKenzie as legal adviser, together with Azure Capital as financial advisors, has recently advised a consortium of Shell and Infrastructure Capital Group (ICG), in successfully bidding for Meridian Energy's Australian business.

Baker McKenzie's five lead partners on the transaction (Lance Sacks, Lucas Tyszkiewicz, Aylin Cunsolo, Tanya Denning and Adrian Lawrence), released a combined statement: "We were delighted to act for Shell and ICG in acquiring high-quality renewables assets and help secure a diversified and integrated portfolio of electricity generation and retail assets." 

Under the terms of the agreement, Shell will acquire Meridian Energy's electricity and gas retail business, Powershop, furthering Shell's Powering Progress Strategy and goal to create an integrated power business. 

ICG, through its Australian Renewables Income Fund (ARIF), will acquire Meridian Energy's Australian generation assets which include operating wind farms Mt Millar and Mt Mercer in South Australia and Victoria respectively and hydro projects in New South Wales. ARIF will also acquire Meridian Energy's Australian development portfolio consisting of the Rangoon Wind Farm which is in development in New South Wales and the Hume battery energy storage project, which will be co-located next to the Hume hydro power station at the Hume Dam near the New South Wales - Victoria border.

Shell and ICG have also agreed to enter into offtake arrangements between Shell's retail arm and the operating hydro and wind assets held by ICG.

The transaction is subject to regulatory approvals and completion is expected in early 2022.

Baker McKenzie broader team included: Lewis Assness, Laura Matson, Aimi Tran and Simone Blackadder.

The Shell legal team included Kate Lewis, Brad Mills and Peter Lorbeer.

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