Neoen Secures AUD$1.1 Billion for Renewable Energy Projects in Australia

White & Case LLP, a prominent international law firm, has recently provided legal counsel to Neoen in securing portfolio financing totalling AUD$1.1 billion for their renewable energy projects in Australia.

According to Joel Rennie, a partner at White & Case who led the Firm’s deal team, the successful acquisition of this substantial portfolio financing solidifies Neoen’s position as a leading developer of renewable energy in Australia. Rennie emphasised that the financing structure not only enables Neoen to refinance a significant portion of their existing debt but also supports the development of new assets, including the Collie Battery Stage 1 in Western Australia.

The AUD$1.1 billion portfolio financing includes the refinancing of approximately AUD$700 million of debt at the single asset level, as well as funding for new assets. This extensive portfolio comprises seven operational assets of Neoen Australia, consisting of three solar farms and four wind farms. Furthermore, the financing also provides for the development of future assets, aligning with Neoen’s growth target of achieving 10GW in Australia by 2030.

Importantly, the financing was secured through a syndicate of 11 Australian and international banks, demonstrating strong confidence from the financial sector in Neoen’s renewable energy projects.

The White & Case legal team, led by partner Joel Rennie, played a significant role in advising on the transaction. The team included partners Ged Cochrane and Chris Settle, as well as several associates from both Sydney and Melbourne offices. Their expertise and dedication were instrumental in ensuring the successful completion of this landmark financing deal for Neoen.

The importance of this financing arrangement extends beyond its immediate impact on Neoen’s operational and development capabilities. It also underscores the growing prominence of renewable energy projects in Australia and the increasing support from the financial community towards sustainable energy initiatives.

In conclusion, the AUD$1.1 billion portfolio financing obtained by Neoen through White & Case LLP not only represents a significant milestone for the company but also reflects the continued growth and investment in renewable energy projects in Australia. With the ongoing support from financial institutions and legal advisors, companies like Neoen are well-positioned to drive the transition towards a greener and more sustainable future.