Sydney Light Rail’s $700 Million Green Refinancing

Allens has advised the senior financiers and Green Loan coordinators on the refinancing of the Sydney Light Rail PPP project, which comprises the new 12-kilometre CBD and South East Light Rail line and 13-kilometre Inner West Light Rail line.

Commonwealth Bank has played a leading role in arranging New South Wales’ first green loan for an operational ‘Public-Private Partnership’, helping the Sydney Light Rail project refinance its almost $700 million debt facilities.

The project was refinanced with a 12-year green loan, which de-risks the project by extending the financing term to better align with the PPP concession term.

As part of the refinancing, the project was certified as meeting the Climate Bonds Standard low carbon transportation criteria on the basis that it will help reduce greenhouse gas emissions from alternative modes of transport.

The project, which is estimated to reduce greenhouse gas emissions by 663,000 tonnes over a 30 year period, is being delivered by a Public-Private Partnership between Transport for New South Wales and the ALTRAC consortium.

John Laing Group plc acted as investor and active manager. 

The Allens’ team comprised of 

Nicholas Adkins (Partner, Picture), Sunny Jong (Senior Associate), Jo Ye (Associate) and Alexander Whitman (Lawyer).

 

Involved fees earner: Nicholas Adkins – Allens; Sunny Jong – Allens; Alexander Whitman – Allens; Jo Ye – Allens;

Law Firms: Allens;

Clients: ANZ Banking Group; CIB Bank; Credit Agricole; HSBC; ING Bank; KfW – German development Bank; Mizuho; MUFG; National Australia Bank; OCBC Bank; Sumitomo Mitsui Banking Corporation; United Overseas Bank Limited Co.; Westpac Banking Corporation;

Author: Sonia Carcano