KWM advises on first PARF greenfield development

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King & Wood Mallesons has assisted on the first greenfield development of the Powering Australian Renewables Fund (PARF).

KWM advised QIC on behalf of its clients, the QIC Global Infrastructure Fund and the Future Fund, on the $450 million development of the Silverton Wind Farm, expected to be completed in mid-2018.

The PARF, which launched in August, will have a total investment of $2 to $3 billion in large scale energy projects.

It was established after AGL Energy, Australia’s largest privately owned operator and developer of renewable energy projects, provided $200 million in cornerstone equity investment while QIC provided an $800 million seed.

The KWM team was led by partners Craig Rogers and Shannon Etwell in Brisbane and Roderick Smythe in Sydney.
They were supported by Javad Asghari, Josh Thorneycroft, Heather Kirkup and Jahan Navidi.

KWM advised QIC and Future Fund on the establishment of PARF. It also advised on the fund’s $257 million acquisition of the Nyngan and Broken Hill solar plants and the $350 million financing of the Sapphire Wind Farm.

Allens advised AGL Energy on the establishment of PARF.

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