Project finance in Australia

Ashurst

Chris Redden, David Mason, Gaelan Cooney, and Chris Skordas lead Ashurst’s project finance team. The group advises large renewable energy sector clients and demonstrates a wider prominence in the project development and project financing of emerging sectors in Australia, with the group working on innovative and unique project financings across the region, particularly in the battery space. Skordas, emblematic of the group more widely, advised on some of the largest and most complex project financings in the Australian market in 2022, in both the energy and infrastructure sectors. Associate Kate Latta assists clients including borrowers, sponsors, financial institutions and equity and infrastructure funds. Douglas Fung is key for energy-related project financing matters.

Praxisleiter:

Chris Redden; David Mason; Gaelan Cooney; Chris Skordas


Weitere Kernanwälte:

Kate Latta; Douglas Fung


Referenzen

‘The quality of the advice and output of the Ashurst team is top shelf. They develop a good understanding of their respective clients’ requirements and work to ensure the outcomes are reflected in the documentation.’

‘The individuals in the team work extremely well together and have great experience and knowledge of negotiating and preparing finance documents. The team also have a pleasant way of interacting with their clients and providing sound advice to ensure that we get the best possible outcome.’

‘Outstanding commercial acumen coupled with experience and detailed legal knowledge.’

Kernmandanten

Macquarie


Plenary


Thunderbird Operations


Clean Energy Finance Corporation


Woodside


Endeavour Energy


Arafura Resources


Capella Capital


Highlight-Mandate


  • Advised Macquarie Asset Management’s Green Investment Group and Shell Energy Australia on the development and financing of the 200MW / 400MWh Rangebank Battery Energy Storage System (BESS) in Cranbourne, Victoria.
  • Advised the lenders on the project financing on the AU$6bn Perdaman Urea Project in Western Australia, the largest of its kind in Australia.
  • Advising Sheffield Resources Limited (Sheffield) on the project financing of its large-scale, high-grade Thunderbird Mineral Sands Project.

Allens

Allens handles the full spectrum of matters concerning infrastructure projects and project financings, with the team being praised by clients for its ‘strong’ experience in handling refinancing and restructuring mandates for large transport companies. Practice head Michael Ryan has vast experience in advising on the financing of significant infrastructure and power projects in Australia. Scott McCoy is ‘well regarded’ for his expansive expertise in acting for lenders, borrowers and sponsors. 'Acknowledged leaderRob Watt and Nick Adkins are key names of note within the team, having deep knowledge of project finance transactions.

Praxisleiter:

Michael Ryan


Weitere Kernanwälte:

Scott McCoy; Rob Watt; Nick Adkins


Referenzen

‘Strong sector experience. Also work well with lenders and experienced at helping them work through complicated matters.’

‘Scott McCoy is well regarded in the industry and has a good track-record of working with banks. Able to clearly articulate difficult commercial positions and able to work with lenders to get them to accept difficult concepts.’

‘Rob Watt is an acknowledged leader in advising on all forms of renewable energy deals, and possesses a comprehensive knowledge of the sector in general. He is a pleasure to deal with and is always available when needed.’

Kernmandanten

Capella Capital


Energy Corporation of New South Wales


Northleaf Capital Partners and InfraRed Capital Partners


APT Management Services Pty Ltd and Pacific Partnerships Pty Ltd


Iluka Resources Limited


AustralianSuper and Singtel


CQC Partners


Highlight-Mandate


  • Advising Iluka Resources Limited on its entry into a risk sharing arrangement including a $1.25bn non-recourse loan under the Australian Government’s Critical Minerals Facility, administered by Export Finance Australia, to fund the construction and commission of the Eneabba Rare Earths Refinery in Western Australia.
  • Advised the financier group to the Exemplar Health Consortium, led by Capella Capital, on the financial close of a public-private partnership to deliver the Frankston Hospital redevelopment.
  • Advised the Australian Renewable Energy Agency on its grant funding of a renewable hydrogen plant, to be built in the Pilbara in Western Australia.

Corrs Chambers Westgarth

Corrs Chambers Westgarth‘s growing project finance practice, which spans Sydney, Brisbane and Melbourne, ‘has deep capability across levels and continues to provide access to partners and senior associates as required.’ One key name is Clare Corke in Brisbane, who is described by one client as ‘a very astute lawyer who delivers a good legal service.’ Adam Stapledon, who joined the group from A&O Shearman in July 2022, heads up the team, along with James Abbott, who has experience on a wide range of project financings across the infrastructure, energy and resources sectors, including high-value debt financing. Other key elements of the practice are bankable structures mandates and diversified funding sources. Paul Brickley is a key name for government infrastructure projects. Special counsel Julie Myers, also in Brisbane, has a strong grasp of matters relating to bilateral and syndicated facilities.

Praxisleiter:

Adam Stapledon


Weitere Kernanwälte:

Clare Corke; James Abbott; Simon Huxley; Paul Brickley; Julie Myers


Referenzen

‘The team has deep capability across levels and continues to provide access to partners and senior associates as required.’

‘Clare Corke is a very astute lawyer who delivers a good legal service.’

Kernmandanten

Acciona


CuString Pty Ltd


Pulse Consortium


Port of Newcastle


Pilbara Ports


Barrick


Incitec Pivot Limited


NAB


ANZ


Westpac


Highlight-Mandate


  • Advising the ACE Energy consortium on its bid to finance, design, construct, operate and maintain the transmission network infrastructure for the Central West Orana Renewable Energy Zone (CWO REZ), the first renewable energy zone in Australia.
  • Advised the financiers to Stonepeak and Spirit Super on the acquisition financing of GeelongPort from SAS Trustee Corporation and Brookfield’s LINX Cargo Care Group.
  • Advised Rio Tinto on the funding and security arrangements for the Western Range Mine it is developing in a joint venture with Chinese steelmaker Baowu.

Gilbert + Tobin

John Schembri in Sydney and Alexander Danne in Melbourne lead Gilbert + Tobin‘s project finance team. The group acts for a diverse client base and handles work across a variety of sectors, including  healthcare, energy, and transport. Simon Lynch brings a wealth of expertise in banking and finance to the team, in addition to his deep knowledge of matters relating to corporate facilities. Peter Doyle is an expert in infrastructure finance, having assisted with the growth of the firm’s infrastructure practice, which ties in closely with its project finance work.

Praxisleiter:

John Schembri; Alexander Danne


Weitere Kernanwälte:

Simon Lynch; Peter Doyle


Referenzen

‘I regard Gilbert + Tobin’s greatest strength as its ability to bring together a broad set of skills when working for us on a significant project, doing so in a seamless, client-facing manner. On the technology front, we have seen best practice in most areas.’

‘In this team we have worked with Alexander Danne, Simon Lynch, and Peter Doyle. All have the necessary expertise in project finance, understand our business intimately and the have the dedication and enthusiasm to get the job done. The team is also well respected by other law firms making most projects or transactions amiable. Alexander Danne and Simon Lynch are well regarded across the industry.’

Kernmandanten

Alinta Energy


APA Group


Cleanaway


HRL Morrison & Co


Infrastructure Capital Group (ICG) / Foresight Group


Healthscope


Macquarie Asset Management (MAM)


Pacific Hydro


Plenary


QIC


Tilt Renewables / PowAR


Tetris Capital


Highlight-Mandate


  • Advised on the financing for their bid to acquire an 81% joint venture interest (with the State of Victoria retaining 19%) for the operation and modernisation and of the VicRoads motor vehicle registration and licensing and custom plates business.
  • Advised NHFIC as long-term financier on the Westmead housing project, being developed by AXA IM Alts and St George Community Housing. The project will include 350 affordable build-to-rent dwellings and is the first project under a broader $300 million financing commitment from NHFIC to deliver multiple projects at scale via a replicable financing model.
  • Advised the National Housing Finance and Investment Corporation (NHFIC) on its NZD$1.4 bn acquisition of New Zealand telecommunications businesses, Two Degrees and Orcon from Vocus, to create the third largest telecommunications provider in New Zealand.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP houses an experienced team which exhibits broad expertise spanning project finance, corporate energy, and infrastructure-related issues. The group acts for a varied client roster of governments, sponsors, operators, banks and investors. Toby Anderson, Erin Wakelin, Geoff Hansen jointly lead the team, with Hansen being a disputes expert, acting in a number of sensitive disputes concerning infrastructure projects. Anderson is known for his broad experience in construction and equipment supply contracts, while Wakelin focuses on public-private partnerships and infrastructure financing issues.

Praxisleiter:

Toby Anderson, Erin Wakelin, Geoff Hansen


Kernmandanten

NSW Government (including Transport for NSW)


Energy Corporation of NSW


CIMIC Group (including Pacific Partnerships and UGL)


Ferrovial


TasNetworks / Marinus Link Pty Ltd


Macquarie Group


Capella Capital / Lendlease


Australia and New Zealand Banking Limited


Commonwealth Bank of Australia


National Australia Bank


Westpac Banking Corporation


AGL Energy


RES


John Holland


Santos


Horizon Power


Gamuda


King & Wood Mallesons

At King & Wood Mallesons, managing partner Claire Rogers heads the practice, which often handles large financing transactions and is strong in both the public and private sector. The group is able to assist clients with large scale PPP projects, demonstrated through its involvement in the Sydney Metro WSA PPP project, one of the major infrastructure projects in the country. Other highlights include ESG-driven financing, a growing area of focus for the practice. Jo Crew, who joined from Norton Rose Fulbright in June 2022, is a standout member of the team, with know-how in advising both sponsors and financiers. Elsewhere in the practice, Jeff Clark has over three decades of financing experience, Tim Ma is a key name for infrastructure financing, and Rebecca Finkelstein and Amy Maguire are also experienced in a range of financing matters for both sponsors and lenders.

Praxisleiter:

Claire Rogers


Weitere Kernanwälte:

Jo Crew; Amy Maguire; Jeff Clark; Rebecca Finkelstein; Tim Ma


Kernmandanten

Transport for NSW


Transurban Limited


APA


BHP


Lendlease Corporation Limited


John Holland


Infrastructure NSW


Mirvac


Queensland Airports Limited


CIMIC


AGL


Charter Hall


Port of Melbourne Operations Pty Ltd


Brookfield


Clean Energy Finance Corporation


Future Fund Board of Guardians


Gladstone Ports Corporation


Glencore


Hobart International Airport


Lochard Energy


Macquarie / Macquarie Infrastructure and Real Assets (MIRA)


Multiplex


Perth Airport Pty Ltd


Tasmanian Department of State Growth


Wren House Infrastructure Management Limited


Highlight-Mandate


  • Acted for the lenders to the Plenary-led Parklife Metro consortium on its sustainability-linked financing for the Sydney Metro Western Sydney Airport PPP.
  • Advised Reliance Rail on the successful refinancing of its $1.8bn bank debt.
  • Advised Palisade as borrower on a $1.3bn portfolio refinancing, as well as associated corporate restructure and shareholder arrangements.

White & Case

The team at White & Case advises on numerous large projects in Asia and Australia, including construction and infrastructure projects, as well as major energy projects. The group exhibits deep expertise in land access and secondary market sales in relation to both greenfield and brownfield projects. Brendan Quinn, Joel Rennie, and Ged Cochrane jointly lead the team with Quinn having vast experience in advising on the financing of offshore wind farms, Rennie acting for a number of renewable energy companies in refinancing matters, and Chochrane having deep knowledge of acquisition finance and revenue contract related issues.

Praxisleiter:

Brendan Quinn; Joel Rennie; Ged Cochrane


Weitere Kernanwälte:

Isabella Jarrett


Referenzen

‘The key strengths are commerciality of the team, response timeframes, understanding instructions and high-quality legal drafting.’

‘A standout partner is Joel Rennie and a standout senior associate is Isabella Jarrett.’

‘On top of professionalism, the team takes the interest of the project as a priority and adopts a unique client-oriented approach.’

Kernmandanten

WestWind Energy


Macquarie Capital


Igneo – Lal lal wind farms acquisition


Neoen


HyperOne


Perdaman Urea Plant


Igneo – Mac Arthur Wind Farm


Nexif Portfolio


Victorian Desalination Plant


CIP Offshore wind


MidOcean – Origin acquisition


Malabar financing


Orion – Thunderbirds mineral sands


FRV Genesis JV – NZ


Highlight-Mandate


  • Advised WestWind Energy (TagEnergy) on the development and project financing of the A$2bn, 756 MW initial stage of the 1,300 MW Golden Plains Wind Farm in Rokewood in Victoria, Australia.
  • Advising Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, in connection with its investment in Phil-Tower Consortium Inc (PhilTower) to support PhilTower’s acquisition of up to 1,350 towers from Globe Telecom.
  • Advised Neoen on the development and project financing of the Capital Battery, a 100 MW/200 MWh lithium-ion battery storage facility near Canberra in the Australian Capital Territory (ACT).

Clayton Utz

Alexander Schlosser, who is head of the firm’s banking and financial services group, leads Clayton Utz‘s project finance team and is well supported by fellow banking and finance expert Kate Casellas, who ‘has an ability to understand complex issues and propose a better outcome for the client‘. The group is regularly engaged in high-value renewables transactions as well as some first-of-their kind financings. More generally, the team has a depth of knowledge of international project financing, and special counsel Tim Stanton, who joined from King & Wood Mallesons in March 2023, only adds to this.

Praxisleiter:

Alexander Schlosser


Weitere Kernanwälte:

Kate Casellas; Dan Fitts; Peter Staciwa; Tim Stanton


Referenzen

‘Kate Casellas is extraordinary, given the volume of work and the complexity involved. Kate has an ability to understand complex issues and propose a better outcome for the client. She keeps to timelines whilst providing a detailed and balanced commercial approach.’

‘Familiarity with our business and industry, and depth of experience.’

Kernmandanten

Squadron Energy


Clean Energy Finance Corporation (CEFC)


Copenhagen Infrastructure Partners & Star of the South Offshore Wind Farm


Talison Lithium Pty Ltd


Wyloo Metals Pty Ltd


Victorian Government – Department of Families, Fairness and Housing (DFFH) and Department of Treasury and Finance (DTF)


APLNG


Highlight-Mandate


  • Advised Squadron Energy on its agreement to acquire CWP Renewables in one of Australia’s biggest renewable energy transactions.
  • Advised the CEFC on an investment that will help to deliver greater reliable power through renewable energy to southern Queensland and Australia’s east coast, powering 700,000 homes, fast-track connection of Australia’s largest wind farm precinct to the National Electricity Market (NEM) and decarbonise Australia’s energy sector.
  • Acted for Copenhagen Infrastructure Partners and as the project’s general counsel in many aspects of the project’s development, which is the most advanced offshore wind project in Australia.

Clifford Chance

Nadia Kalic, Chad Bochan and Richard Gordon are the trio at the helm of Clifford Chance and work out of the firm’s Sydney office. The group leverages its energy and infrastructure transactional expertise in the Asia Pacific group, and regularly lead transactions in Asia Pacific out of Australia, utilising resources and offices in both Australia and the wider region. Senior associate Dale Straughen, also located in Sydney, is well placed to assist clients with renewable energy matters given his experience in this area. Although the practice is multi-disciplinary, particular sector strengths include banking and finance, energy and resources, and M&A.

Praxisleiter:

Nadia Kalic; Chad Bochan; Richard Gordon


Weitere Kernanwälte:

Dale Straughen


Highlight-Mandate


  • Advised Webuild on the successful restructure and acquisition of the Australian business of the Clough Group out of insolvency.
  • Advised Partners Group on its sale of CWP Renewables, a vertically integrated renewable energy platform in Australia, to Squadron Wind Energy Assets.
  • Advised the lenders to a consortium led by Morrison & Co on the acquisition financing of a 49% stake in Telstra’s InfraCo Towers business.

Norton Rose Fulbright

Among the strong client base at Norton Rose Fulbright are domestic and international banks as well as global energy companies. The group has an ever-increasing presence in the market, and Kate Muller joined from DLA Piper in August 2022, bolstering the group’s ability to help both financiers and sponsors with energy and infrastructure projects. Syndey-based Lisa Koch runs the team and is well supported by senior associate Justin Goushas. Standout recent mandates for the team are high-value infrastructure and PPP projects, and Rob White is often called upon by clients for these matters.

Praxisleiter:

Lisa Koch


Weitere Kernanwälte:

Justin Goushas; Rob White; Kate Muller


Referenzen

‘The team provides excellent support to clients in the renewable energy and green hydrogen sectors and should be congratulated for also providing such excellent support to the low carbon sector in general over so many years.’

‘Kate Muller is a standout renewable energy practitioner with deep project finance and deal advisory experience. She has a no-nonsense and highly efficient approach to her matters and is capable of delivering excellent and timely advice as and when needed.’

Kernmandanten

Anglo American Marketing Limited


FMO and BIX Capital


AirTrunk


North Queensland Airports


Australian Vanadium Limited


ESR Australia


Essential Energy


Highlight-Mandate


  • Advised Anglo American Marketing Limited on two separate but related transactions for the development of Vitrinite Pty Ltd’s (Vitrinite) Vulcan mine in Queensland’s Bowen Basin.
  • Advised North Queensland Airports on the successful refinancing of its senior bilateral and syndicated secured loan facilities with a total commitment of AU$840m.
  • Advising Australian Vanadium Limited on the development and financing (including grant funding) of its Australian Vanadium project in Western Australia.

Baker McKenzie

Baker McKenzie stands out for its construction projects expertise and has a history of advising clients on many significant Australian projects. Leigh Duthie is a key name to note for this and leads the team alongside Sean Duffy, who is an infrastructure expert, and Charlie Detmold, who takes the lead on pure project finance mandates. Amongst the practices varied client roster are sponsors, contractors, commercial banks, funds, ECAs and DFIs. When it comes to front-end construction expertise within the team, Matt Coleman is the standout figure. The group also continues to work on cross-border M&A infrastructure transactions.

Praxisleiter:

Leigh Duthie; Sean Duffy; Charlie Detmold


Weitere Kernanwälte:

Matt Coleman; Anthony Whelan


Referenzen

‘Excellent, talented partners.’

Kernmandanten

ABC


ALDI


BMD


Cbus Property


China Everbright Bank Co. Ltd


HomeCo


mRNA Victoria


Metis Energy


Monno Pty Ltd and Costa Asset Management


OMERS


Ventia Pty Ltd


Highlight-Mandate


  • Advised Metis Energy on its entry into the Australian market, including preparing EPC and O&M Agreements.
  • Assisted OMERS with negotiating and documenting a committed non-recourse financing package from NAB and RBC in support of their successful bid for TPG Telecom’s mobile towers assets.
  • Assisted mRNA Victoria with structuring a deal, developing the project documents and negotiating the arrangements between the Commonwealth Government, the State of Victoria, Moderna Australia and Monash University.

Minter Ellison

Minter Ellison provides clients such as borrowers, financiers, and government departments with an end-to-end, integrated construction, infrastructure and project finance offering. Practice co-heads James Mok and Jordan Phillips are instrumental in this capability. Peter Block is the go-to lawyer for complex infrastructure projects, while Ros O’Mally departed from the firm in October 2022. Elsewhere, Paul Paxton is well known for his PPP project work.

Praxisleiter:

James Mok; Jordan Phillips


Weitere Kernanwälte:

Paul Paxton; Peter Block


Kernmandanten

Heritage Minerals Pty Ltd


Global Credits Investments Pty Ltd


AMP Capital


Victorian Government


Consortium of REMONDIS and John Laing


Highlight-Mandate


  • Advising one of the three shortlisted consortia – led by REMONDIS and John Laing, on all aspects of its bid for the financing and procurement of the South East Melbourne waste to energy project (SEMW Project).
  • Supported the Victorian Government in a second (VRET#2) program.
  • Representing Heritage Minerals Pty Ltd in developing and obtaining funding for the Mount Morgan gold project in Queensland.