Allens has advised the lender to Active Utilities on the financing arrangements for the acquisition of embedded network business Real Utilities.
An embedded network is a private energy network where a single, main connection to the larger energy grid supplies multiple properties within a site, such as apartment blocks or commercial properties. Active Utilities, owned by Australian superannuation fund Prime Super and managed by global real asset manager Patrizia, is Australia's largest independent embedded network platform.
The acquisition will enable Active Utilities to further expand its business as well as broaden its service offering, including to provide enhanced solutions for EV charging, solar and battery storage.
'This transaction follows the recent growth we have seen in the embedded networks space and reflects the continued focus by investors on infrastructure assets and technologies to support the energy transition,' said lead partner Nick Adkins.
'We congratulate Active Utilities and its financial adviser Alvarez & Marsal on this significant acquisition and next step in its market expansion strategy,' said managing associate Sarah Denton.
This transaction continues Allens' market-leading work advising sponsors and lenders in relation to embedded networks and other energy transition infrastructure assets, with the firm having recently advised on the refinancing of the smart metering business Intellihub Group as well as the portfolio financing for CPE Renewable Investment Unit Trust's (a joint venture between Igneo Infrastructure Partners and CleanPeak Energy) energy assets, including behind-and front-of-meter solar and battery energy storage systems, embedded networks and multi-utility precincts.
