White & Case advises Equis on non-recourse debt financing for Melbourne Renewable Energy Hub
1 min read
Global law firm White & Case LLP has advised Equis on the largest non-recourse debt financing package for an Australian grid-scale battery energy storage system (BESS) to date.
"The Melbourne Renewable Energy Hub is a critical piece in Victoria's energy transition plan," said White & Case partner Adeline Pang, who co-led the Firm's deal team. "It is the only BESS in Victoria capable of supporting three Renewable Energy Zones and, once complete, will be Australia's largest BESS."
The Melbourne Renewable Energy Hub (MREH), co-owned by Equis and Victoria's state-owned renewable developer, State Electricity Commission, comprises three stages of 200MW/800MWh each. The AUD$400,000,000 non-recourse financing package will finance the construction of the third stage which was raised from a debt syndicate consisting of Export Development Canada, Societe Generale, Standard Chartered Bank and Westpac Banking Corporation.
White & Case partner, Cameron Watson, who co-led the Firm's deal team, said: "The financing was 200 percent oversubscribed with international debt, demonstrating the continued global demand for exposure to, and support for, Australia's energy transition. In addition to being the largest non-recourse debt financing for a BESS in Australia, the transaction also represents the first time a four-hour BESS has reached financial close in Australia's National Electricity Market."
The White & Case team that advised on the transaction was led by partners Adeline Pang, Ged Cochrane (both Melbourne) and Cameron Watson (Sydney), with support from partners Andrea Reeves, Stephen Carlton, Hilary Cure (all Melbourne), counsel Zach Tyler and Igor Golshtein and associates Meryl Liew, Sarah Oh, Barnaby Matthews, Tiffany Leach, David Lagesse, Carmel Moorhead, Bongiwe Sindane, Lucas Chen, Heli Yoon, Emily La and Mikaylie Page (all Melbourne), Laurence Judges and Siqi Chen (both Sydney).
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