Herbert Smith Freehills Advised on Financing of Glenrowan Solar Farm on First VRET2 Project
Herbert Smith Freehills, an international law firm based in the UK, has provided legal counsel to Pacific Partnerships,
Herbert Smith Freehills Advised on Financing of Glenrowan Solar Farm on First VRET2 Project
Herbert Smith Freehills, an international law firm based in the UK, has provided legal counsel to Pacific Partnerships, a CIMIC Group company, on the financing of the Glenrowan Solar Farm in northern Victoria, which has a capacity of 102 MWac/130MWdc.
The Glenrowan Solar Farm is the first of six successful projects under the Second Victorian Renewable Energy Target Auction (VRET2) to reach financial close.
The Second Victorian Renewable Energy Target Auction (VRET2) aims to provide investment certainty for new energy projects, help achieve the Victorian government’s renewable energy targets, and create an estimated 920 direct jobs to support local communities and economies.
As one of the selected projects, Glenrowan Solar Farm will generate energy to support the Victorian Government's goal of 100 per cent renewable electricity consumption for its operations by 2025 and contribute to meeting Victoria's renewable energy storage targets.
Assisted by senior associates Lisa Hamilton and Janine Chisholm, Herbert Smith Freehills' cross-practice team was led by project finance partner Jon Evans, projects partner Daniel Ficyk, and corporate partner Nick Baker.
The team also included solicitors Tia Liu (project finance), Hugh Pegler (projects), Sylvia Tran (project finance), and Yonnie Lipshatz (corporate).
“We are delighted to bring our deep expertise in the renewable energy sector to advise Pacific Partnerships on its Glenrowan Solar Farm project. This project is leading the charge as the first VRET2-supported project to achieve financial close, a vital step towards Victoria achieving its renewable energy targets by 2030,” Jon Evans said.
Herbert Smith Freehills remains at the forefront of the renewable energy sector with its market-leading work. The firm had previously advised on various renewable energy projects, including the 85MW Winton Solar Farm, 336MW Dundonnell Wind Farm, and 157MW Mortlake South Wind Farm, which were all part of the first VRET auction in 2017.