Dundonnell Wind Farm’s AU$60 Million Financing


Gilbert + Tobin (G+T) has advised Tilt Renewables Limited (Tilt Renewables) on the financing of the Dundonnell Wind Farm in Victoria, a project worth A$560 million.

This is the first project to reach financial close under a Victorian Renewable Energy Auction Scheme ?VRET? Support Agreement.

The A$300 million construction and A$100 million bank guarantee facilities are funded by a syndicate of commercial banks as well as the Danish export credit agency, EKF Danmarks Eksportkredit.

The transaction was tailored to fit within the terms of the VRET Support Agreement, the first of its kind in Victoria, as well as a further offtake arrangement from Snowy Hydro.

Closing the deal under the VERT Support Agreement involved complex negotiations with numerous stakeholders, including the State of Victoria, Snowy Hydro, the commercial banks and EKF Danmarks Eksportkredit, as well as Tilt Renewables’ shareholders.

Tilt Renewables Limited owns and develops renewable energy plants. Tilt Renewables, led by Deion Campbell, Steve Symons and Clayton Delmarter operates in New Zealand and Australia. In 2017 the company recorded US$116 Million revenues.

G+T advised with a team including Adela Smith (Picture), Lisa Hamilton and Vern Lim.

Involved fees earner: Adela Smith – Gilbert + Tobin; Lisa Hamilton – Gilbert + Tobin; Vern Lim – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: Tilt Renewables Limited ;

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Author: Michael Patrini