Allens has advised Qtectic on the refinancing of Queensland’s New Generation Rollingstock (NGR) train project, which sees the project become the second public private partnership (PPP) in Australia to be financed through a certified green loan.
The $4.4 billion New Generation Rollingstock project is the largest single investment in trains by the Queensland Government, involving the delivery of 75 six-carriage electric multiple units. The introduction of new trains is expected to increase the network’s overall fleet size by 30%.
To be operated by Queensland Rail, the NGR trains will initially run on the high-demand Airport and Gold Coast line. The train services will be useful for the 2018 Gold Coast Commonwealth Games.
Being delivered under an availability public-private partnership (PPP) agreement, the project is expected to create approximately 500 full-time jobs and up to 1,500 indirect jobs.
Qtectic is responsible for the delivery of the train fleet and for its maintenance for 30 years under the PPP agreement.
As part of the refinancing, Qtectic – the borrower and project consortium comprised of John Laing, Itochu, Aberdeen Standards Investments and Alstom – secured certification of the project’s debt facilities under the Asia Pacific Loan Market Association’s Green Loan Principles and the Climate Bond Initiative’s Low Carbon Transport Criteria.
Macquarie Capital was financial adviser, and the syndicate of banks included ANZ, CBA, Mizuho, CIBC, NAB, MUFG, SMBC and Société Générale, advised by Herbert Smith Freehills. CBA was the Green Loan Coordinator.
The Allens’ team comprised of Scott McCoy (Picture, Partner), Nicholas Ng (Partner), Sunny Jong (Senior Associate), Natalie Soh (Associate), Akaash Singh (Associate), Angela Lambros (Law Graduate)
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