White & Case Advised Neoen on Major Renewable Energy Financing in Australia

White & Case Advised Neoen on Major Renewable Energy Financing in Australia

Global law firm White & Case LLP served as legal counsel to Neoen on its AUD$1.1 billion portfolio financing deal in Australia. This financing represents a significant milestone for Neoen, placing them among the top renewable energy developers in the country with a portfolio suitable for such an arrangement.

"The structure of the financing will facilitate Neoen delivering future greenfield development opportunities and add existing operational assets to the portfolio," explained Joel Rennie, White & Case partner who led the firm's deal team.

The AUD$1.1 billion deal involves refinancing approximately AUD$700 million of existing single-asset debt and allocating the remaining funds towards financing new assets. The portfolio includes seven of Neoen's operational assets in Australia, including three solar farms (Western Downs Green Power Hub, Coleambally Solar Farm, and Numurkah Solar Farm) and four wind farms (Bulgana Green Power Hub and Hornsdale Wind Farms 1, 2, and 3). Additionally, the financing supports the development of future assets, with the initial project being the Collie Battery Stage 1 in Western Australia. A consortium of eleven Australian and international banks provided the financing.

This comprehensive financing solution empowers Neoen with the flexibility to fuel its future growth, aligning with its ambitious goal of reaching 10 GW of renewable energy capacity in Australia by 2030.

The White & Case team advising on the transaction was led by partner Joel Rennie (Sydney) and included partners Ged Cochrane and Chris Settle (both Melbourne) alongside associates Isabella Jarrett, Laurence Judges, Kirsten Sugden, Shika Hedge, Siqi Chen, Alistair Leung (all Sydney), Barnaby Matthews, Donovan Ang, David Lagesse, Fiona Blanch, Ned Simpson, Meryl Liew and Charlie Barker (all Melbourne).