G+T helps finance 130MW NZ wind farm

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Gilbert + Tobin (G+T) has helped close the project financing of the 130MW Waipipi Wind Farm in South Taranaki, New Zealand.

G+T was the legal adviser of Tilt Renewables on the financing of the project, which was previously known as the Waverley Wind Farm. Adela Smith, the banking and infrastructure partner who headed the G+T team, explained why the project is significant in the New Zealand renewables sector.

“We are delighted to have yet again assisted Tilt Renewables on the development of another milestone project, being the first wind farm in New Zealand to be project financed by international banks. The financing package is a testament to Tilt’s reputation in the market and its fantastic relationship with key lenders,” she said.

The G+T team also included senior consultant Lisa Hamilton, special counsel Caroline Mathie, and lawyer Felix Buddee.

The Waipipi Wind Farm will have 31 turbines and generate up to 460GWh of power annually, G+T said. The firm added that the NZ$241m construction and NZ$31m bank guarantee facilities are funded by a group of Australian and overseas commercial banks. The transaction was tailored to fit a 20-year offtake agreement with Genesis, it said.

Mitsubishi UFJ Finance Group also advised Tilt Renewables, whose lead New Zealand legal counsel was Anderson Lloyd.

(G+T) has helped close the project financing of the 130MW Waipipi Wind Farm in South Taranaki, New Zealand.

G+T was the legal adviser of Tilt Renewables on the financing of the project, which was previously known as the Waverley Wind Farm. Adela Smith, the banking and infrastructure partner who headed the G+T team, explained why the project is significant in the New Zealand renewables sector.

“We are delighted to have yet again assisted Tilt Renewables on the development of another milestone project, being the first wind farm in New Zealand to be project financed by international banks. The financing package is a testament to Tilt’s reputation in the market and its fantastic relationship with key lenders,” she said.

The G+T team also included senior consultant Lisa Hamilton, special counsel Caroline Mathie, and lawyer Felix Buddee.

The Waipipi Wind Farm will have 31 turbines and generate up to 460GWh of power annually, G+T said. The firm added that the NZ$241m construction and NZ$31m bank guarantee facilities are funded by a group of Australian and overseas commercial banks. The transaction was tailored to fit a 20-year offtake agreement with Genesis, it said.

Mitsubishi UFJ Finance Group also advised Tilt Renewables, whose lead New Zealand legal counsel was Anderson Lloyd.