Allens acts on Southern Hemisphere's biggest wind farm transaction
12 August 2010
Allens Arthur Robinson (Allens) is acting for Meridian Energy Ltd (Meridian), New Zealand's largest renewable electricity generator, on the development of a $1 billion wind farm, which will be the biggest in the Southern Hemisphere and one of the largest wind farms in the world.
Meridian has entered into a joint venture with Australia's largest renewable electricity generator, AGL, to build the 420 MW Macarthur wind farm in southwest Victoria.
The project will be formally launched today by the Premier of Victoria, John Brumby, and the Minister for Climate Change, Energy Efficiency and Water, Senator Penny Wong. It will offer a long-term source of renewable energy and complement the rest of Meridian’s developing Australian wind portfolio.
Allens, led by Partner Anna Collyer, is advising Meridian on all aspects of the transaction, including negotiation of the joint venture and offtake arrangements with AGL, negotiation of the arrangements with the landowners and in relation to the EPC Contract entered into by Meridian and AGL for the construction of the wind farm by Vestas and Leighton.
Allens has worked with Meridian on a number of transactions, including the acquisition of the Mt Millar wind farm from Transfield Services Infrastructure Fund last May.
According to Meridian's General Counsel Jason Stein: 'Meridian is thrilled to have Allens involved in this project from the start. Allens have been an integral part of the Meridian deal team and has delivered an excellent outcome for the business as it re-establishes its renewable energy position in Australia.'
Said Ms Collyer: 'This transaction shows that companies are prepared to make major investments in renewable energy as part of the solution to climate change provided the regulatory environment supports it. The recent enhancements to the renewable energy target provided the investment certainty they needed. Those enhancements will require around 9,500MW of new renewable generation capacity to be built this decade.
'This joint venture agreement is part of Meridian's wind investment plans in Australia and the project will benefit from bringing together the largest renewable developers in New Zealand and Australia,' added Ms Collyer.
The building of the Macarthur wind farm is due to be completed in 2013. It will have the capacity to power more than 220,000 homes and will create significant employment opportunities. It will also involve the establishment of a community fund to benefit the local community. In addition to this project, Meridian has a number of other high-quality wind development sites in Australia
| Allens legal team | Anna Collyer (Partner – Melbourne), Paul Quinn (Partner-Melbourne), Anthony Arrow (Partner – Melbourne), Michael Graves (Senior Associate – Melbourne), Kate Axup (Senior Associate – Melbourne) Emma Stacey (Senior Associate – Melbourne) |
Ends
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
