Baker McKenzie today announced it had advised the renewable energy developer Maoneng Group on the majority investment by Gaw Capital Partners, in connection with one of the largest portfolios of battery energy storage systems (BESS) in Australia.
Gaw Maoneng Renewables (GMR) will fast track the development of six major projects in Victoria, New South Wales and South Australia with a total of 1.9GW in battery storage and solar power generation, and explore new renewable energy opportunities.
The estimated capex for the construction and build out of the portfolio is upwards of AUD 2 billion and will be secured in the form of equity and debt through the support of Gaw Capital Partners and its existing stable of institutional investors with an interest in Australian renewable energy infrastructure.
Baker McKenzie partner Raymond Lou commented: “Baker McKenzie is delighted to have assisted Maoneng Group in its partnership with Gaw Capital to build out one of the largest BESS portfolios in Australia. We are proud to have worked alongside Maoneng Group since its inception as they have demonstrated their market leadership in the development of renewable energy assets. Energy storage will be a key piece to support Australia's energy transition away from fossil fuel, and we look forward to continue working with the team in this fast growing and evolving industry.”
The Baker McKenzie team was headed by Raymond Lou, who was assisted by lawyers Macy Jong and Tom Henderson. The transaction also involved the cross-border projects team including Charlie Dedmold, Aylin Cunsolo, David Cooper, Miles Hurst and Lara Ilic from Australia, and Andrew Martin and Dao Yi Lim from the Singapore office.