Global law firm Norton Rose Fulbright has advised the new market entrant, UK investment group United Green, and the current owners Renew Estate, on the acquisition of a majority stake in the Rodds Bay 300MW solar farm in Queensland's Gladstone region.
This deal marks United Green's first play into the Australian energy market.
The firm's cross-practice team advised both United Green and Renew Estate on all aspects of the deal including corporate, land, planning and regulatory aspects of the sale, and including preparation of sell-side due diligence of the project.
Queensland premier Annastacia Palaszczuk said the Rodds Bay Solar Farm, located 50 km south of Gladstone, would be one of Australia's largest renewables projects and would create more than 300 construction jobs. In a recent media statement, she said United Green's equity investment was "a vote of confidence in Queensland's renewables sector and Queensland's economic recovery" and that the project would bring "hundreds of new jobs" to the Gladstone region.
The project is expected to produce enough electricity to power 88,000 homes and will be combined with a battery storage facility which has already received planning approval and will connect to Queensland's 275kV transmission network between Bororen and Rodds Bay.
Norton Rose Fulbright partners Kelly Davies and Martin Irwin commented:
"United Green's entry into the Australian renewable energy market demonstrates investor confidence in the Australian renewables sector. We are pleased to have been able to assist our clients in navigating the complexities of the deal and look forward to continuing to advise our clients moving forward."
Martin Irwin and Kelly Davies were also supported by core team members including: partners Noni Shannon, Ben Smits, Adam Smith and Claire Forster; special counsel Kathy Prince; senior associates Adam Hunter and Amanda Scribante-Smyth; associate Hugo Gotterson and lawyer Ellen Laughton.