White & Case advises lenders to Lightsource bp and Contact Energy on NZ$267 million project financing for Kōwhai Park solar farm in New Zealand

Global law firm White & Case LLP has advised Westpac New Zealand, Mizuho, China Construction Bank and Intesa Sanpaolo - IMICIB on the NZ$267 million green project financing of the 168MWdc Kōwhai Park solar project in New Zealand.

"The unique characteristics of the project being located on Christchurch Airport land ensured it was a groundbreaking transaction from a project financing perspective," said White & Case partner Cameron Watson, who led the Firm's deal team. "It involved considering the legislative and regulatory environment applicable to such a project on such land and engaging with various relevant stakeholders in relation to the same. The diverse bank group, consisting of national and international banks, underlines the robust nature of the project agreements, with credible counterparties and the credibility and sophistication of the sponsors."

The Kōwhai Park solar project is co-owned by Lightsource bp and Contact Energy and is located at Christchurch Airport in New Zealand. The project will be one of New Zealand's largest solar farms, when constructed, with around 300,000 solar panels generating more than 275GWh per year.

It is Lightsource bp's first solar project to reach this stage in Aotearoa New Zealand. White & Case advised the lenders on each of Lightsource bp's solar projects in Australia, including Wellington North, Wunghnu, Woolooga, West Wyalong and Wellington South located across New South Wales, Victoria and Queensland.

The White & Case team which advised on the transaction was led by partner Cameron Watson (Sydney) and included partner Hilary Cure (Melbourne) and associates Kevin Chen, Shika Hegde, Soo Choi (all Sydney), Samantha Sutton and Barnaby Matthews (both Melbourne). White & Case worked closely with co-lender New Zealand counsel, Bell Gully.

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