Allens has advised ACEN Australia, a key player in the Australian energy transition, on the $750 million platform financing for its renewable energy portfolio. The two seed assets are the 400MW New England Stage 1 Solar and 400MW Stubbo Solar projects.
The financing establishes a platform to support the continued development of ACEN Australia's pipeline of renewable energy assets across the country, including approximately 8 GW of solar, wind, battery energy storage systems and pumped hydro projects.
With Macquarie Capital as financial adviser, the financing included a syndicate of 11 Banks comprising ANZ, Cathay United Bank, Commonwealth Bank, CTBC Bank, DBS Bank, Deutsche Bank, HSBC, MUFG, SMBC, UOB, and Westpac,
A cross-disciplinary team, comprising lawyers across Banking & Finance, Projects, Corporate and Real Estate, Environment and Planning, advised on all aspects of the financing and due diligence.
'We are proud to have advised on this significant milestone transaction for ACEN Australia, which will help facilitate the development of new renewable energy projects across Australia.' said lead Partner Scott McCoy.
'This portfolio financing platform is a prime example of the innovative funding structures being developed to support the sector's growth, offering greater flexibility in managing individual projects, future growth and risk mitigation.'
This transaction builds on Allens extensive expertise in renewable energy portfolio financings having advised on recent transactions for clients including Neoen, Fotowatio Renewable Ventures, Global Power Generation Australia , CWP Renewables and Atmos Renewables.
