Renewable energy experts from Herbert Smith Freehills (HSF) acted for Pacific Hydro on the $115m project financing for the first stage of the Haughton Solar Farm in north Queensland.
The 100MW solar farm, expected to be operational by early to mid-2019, is Pacific Hydro’s first large-scale solar project in Australia. The Industrial and Commercial Bank of China, the National Australia Bank, and Westpac Banking Corporation provided project financing, with legal counsel from Gilbert + Tobin.
Partners Gerard Pike and Kris Percy led the HSF team. They were assisted by senior associate Nadine Kilpatrick and solicitors Josh Attard and Erin MacMullin.
“The HSF team really enjoyed working collaboratively with Pacific Hydro on the offtake, procurement and project financing of its first large-scale solar project in Australia,” Pike said. “It is great to see a 100MW large-scale solar project in Queensland achieve financial close without any state or federal government finance, funding or offtake support and we look forward to Pacific Hydro and RCR achieving completion as quickly and smoothly as possible.”