White & Case LLP has advised Nexif Energy on the deal, while Herbert Smith Freehills has advised Investec Bank.
Nexif Energy executed the project financing of the 154 MW Snapper Point Power Station in South Australia.
The project will convert turbines using diesel to cleaner natural gas, and in conjunction with Nexif Energy’s Lincoln Gap Wind Farm, provide firm renewable power to the grid.
Nexif Energy entered into a long-term agreement with the Government of South Australia to lease and operate five gas turbines generating units. The turbines are in the process of being relocated from their existing location at the former Holden factory in Elizabeth, South Australia to the new Snapper Point power plant site.
Snowy Hydro has entered a long-term contract for a portion of the project capacity with the balance used to firm up Nexif Energy’s Lincoln Gap Wind Farm in South Australia with some excess capacity available to the market.
The power plant is scheduled to commence operations by December 2021.
The project has raised a limited recourse debt facility from Investec for financing the relocation and construction costs.
Nexif Energy is a Singapore-based company that owns and operates wind farms and other renewable energy projects in several countries. Nexif Energy has extensive experience developing, financing, restructuring and divesting power generation projects across various technologies.
The White & Case team that advised Nexif on the transaction was led by partner Joel Rennie (Picture; Sydney), with support from partners Adeline Pang and Michelle Keen (both Melbourne), counsel Andrea Reeves (Melbourne) and associates Chris Wallace and Kian Newlyn (both Sydney) and Emma Dobb, Suzie Porritt and Kirsty Ha (all Melbourne).
Herbert Smith Freehills has advised Investec Bank
Involved fees earner: Sarala Baskaran – Herbert Smith Freehills; Alison Dodd – Herbert Smith Freehills; Ellen Gandy – Herbert Smith Freehills; Nadine Kilpatrick – Herbert Smith Freehills; David Ong – Herbert Smith Freehills; Gerard Pike – Herbert Smith Freehills; Emma Dobb – White & Case; Kirsty Ha – White & Case; Michelle Keen – White & Case; Kian Newlyn – White & Case; Adeline Pang – White & Case; Suzie Porritt – White & Case; Andrea Reeves – White & Case; Joel Rennie – White & Case; Chris Wallace – White & Case;