Allens has advised renewable energy producer Neoen on the proposed sale of its Victorian renewable energy portfolio to ASX-listed HMC Capital Limited for $950 million.
The portfolio comprises a 652 MW operating asset portfolio (including the Victorian Big Battery, Bulgana Green Power Hub, and Numurkah Solar Farm – all of which are significant contributors to Victoria's renewable energy capacity) and a development pipeline of projects totalling 2.8 GW. Following completion of the divestment, Neoen will retain 3.7 GW capacity of wind, solar and storage assets in operation or under construction in Australia and its considerable development pipeline.
'Neoen continues to be a leader in driving Australia's renewable energy transformation. It’s been a privilege to assist in a transaction that will help fund future developments in the broader Neoen portfolio,' said lead Partner Jeremy Low.
'The deal is the latest of a number of recent M&A and financing transactions in the renewable energy sector in which we have been involved. The activity in the space demonstrates the continued investor confidence in the Australian renewable sector,' said Managing Associate Harry Beardall.
Allens legal team
M&A
Jeremy Low (Partner), Harry Beardall (Managing Associate), Alex Knights (Senior Associate), James Hodgson (Associate), Ganesh Ratnasabapathy (Overseas Practitioner)
Projects
Kate Axup (Partner), Tessie Chang (Associate)
TMT
Jessica Mottau (Partner), David Liao (Senior Overseas Practitioner), Joshua Fisher (Associate)
Tax
Tom Tian (Partner)