Norton Rose Fulbright has advised Vestas – Australian Wind Technology Pty Ltd on the deal.
The receivables purchase arrangements supported the construction and financing of the Ryan Corner Wind Farm, the Hawkesdale Wind Farm and the Berrybank 2 Wind Farm, for which Vestas Australia is the appointed EPC contractor.
This AUD$415 million transaction is the first of its kind for Vestas Australia and among the first for the Australian market. The deal will unlock Vestas Australia’s working capital in respect of the development of the Ryan Corner, Hawkesdale and Berrybank 2 wind farm developments ahead of time by using traditional receivables purchase financing techniques, while offering the owners of each of the wind farms a competitive alternative to traditional sources of construction financing.
Leading the deal were Norton Rose Fulbright’s Melbourne-based banking and finance and tax teams, led by partners Jo Crew (Picture) and Adam Smith, and supported by senior associate Nicola Pearl, and associates Edwina Cheung and Sarah Gard. The team advised Vestas Australia on the legal structure and risk analysis of the transaction as well as its negotiation and documentation through to closing.
Involved fees earner: Edwina Cheung – Norton Rose Fulbright; Jo Crew – Norton Rose Fulbright; Sarah Gard – Norton Rose Fulbright; Nicola Pearl – Norton Rose Fulbright; Adam Smith – Norton Rose Fulbright;
Law Firms: Norton Rose Fulbright;
Clients: Vestas – Australian Wind Technology Pty;