Infrastructure Capital Group’s Acquisition Of Australian Renewable Energy Trust

Ashurst advised Infrastructure Capital Group on the deal.

Infrastructure Capital Group acquired a 75% interest in the Australian Renewable Energy Trust (ARET). ARET is an Australian renewable energy investment platform and partnership being established by ICG’s Australian Renewable Income Fund (ARIF) with Engie Australia & New Zealand (Engie ANZ), which is a joint venture between Engie S.A. and Mitsui.

The establishment of an Australian renewable energy asset investment platform between ICG and Engie ANZ will form the basis for significant future investments in new renewable energy assets. The scale of the full development pipeline contemplated by this partnership makes it one of the largest renewable energy platforms in Australia.

The first renewable energy asset which will be owned by the investment platform is the Willogoleche Wind Farm in South Australia currently owned by Engie ANZ. Under the agreed terms, this asset will be transferred to the investment platform’s ownership and ICG’s ARIF fund will then acquire 75% of ownership interests in the investment platform.

Under the agreed arrangements, proposed renewable energy assets will be developed by Engie ANZ’s related parties before the investment platform determines whether to acquire those assets following consultation and input during the development phase.

Ongoing management of renewable assets and the project vehicles which will own such assets under the overarching platform structure will be conducted by Engie ANZ’s related parties on terms negotiated and agreed with ICG.

The Ashurst team was co-led by partners Nigel Deed (Picture) and Lynda Tully, assisted by senior associates Andy Grant, Lin Ma, and lawyers John Saunders and Selena Tang (Corporate Transactions). The team also comprised partner Chris Redden and counsel Douglas Fung (Finance Transactions), partner Dan Brown and senior associate Christopher Starkey (Projects), partner Andrew Gay and lawyer Andra Lang (Real Estate) and senior associate Jane Hall (Environmental).

Involved fees earner: Dan Brown – Ashurst; Nigel Deed – Ashurst; Douglas Fung – Ashurst; Andrew Gay – Ashurst; Andrew Grant – Ashurst; Jane Hall – Ashurst; Andra Lang – Ashurst; Lin Ma – Ashurst; Chris Redden – Ashurst; John Saunders – Ashurst; Christopher Starkey – Ashurst; Lynda Tully – Ashurst;

Law Firms: Ashurst;

Clients: Infrastructure Capital Group;

Author: Michael Patrini