Herbert Smith Freehills has advised ABN AMRO and ING to achieve financial close for Fotowatia Renewable Ventures’ Winton Solar Farm near Benalla, Victoria.
Construction has begun on the 85MWac solar project. Once operational the solar farm will supply enough electricity to power about 50,000 Victorian homes and see carbon emissions reduced by approximately 150,000 tonnes.
Winton Solar Farm won an offtake agreement from the Victorian Government in the Victorian Renewable Energy 2017 Reverse Auction Scheme aimed at supporting the achievement of Victoria’s legislated Renewable Energy Target (VRET) of 50% by 2030. Winton is the fifth out of the six projects in the 2017 Reverse Auction Scheme to achieve financial close.
ABN AMRO Bank and ING Bank together provided the project finance debt and hedging facilities to fund construction and operation of the project.
The Herbert Smith Freehills cross-practice team acting for the banks was led by partner Gerard Pike (Picture) with support from partner Alison Dodd, senior associates Caroline Rowe and Marianna Schneider, solicitors Beryl Yan and Will Kennedy and graduate Luke Kavanagh.
Involved fees earner: Alison Dodd – Herbert Smith Freehills; Will Kennedy – Herbert Smith Freehills; Gerard Pike – Herbert Smith Freehills; Caroline Rowe – Herbert Smith Freehills; Marianna Schneider – Herbert Smith Freehills; Beryl Yan – Herbert Smith Freehills;
Law Firms: Herbert Smith Freehills;
Clients: Fotowatio Renewable Ventures;