Herbert Smith Freehills Kramer advises Squadron Energy on $2.7 billion renewable energy portfolio project financing

Leading global law firm Herbert Smith Freehills Kramer (HSF Kramer) has advised Squadron Energy on the refinancing of its $2.7 billion renewable energy asset portfolio in Australia. 

The portfolio includes approximately 1.5GW of operational and under construction wind farm projects, including, Uungula Wind Farm, Murra Warra Wind Farms, Sapphire Wind Farm, and Crudine Ridge Wind Farm. 

The portfolio financing arrangements have flexibility to enable future expansion of Squadron Energy’s portfolio into BESS and hybrid projects.   

HSF Kramer’s project finance team included lead project finance partner, Gerard Pike, senior associate Jarrod Gook and solicitors Shruti Janakiraman and Cecilia Mak.

Macquarie Bank were Squadron Energy’s financial advisor.

On the portfolio financing, Gerard Pike said, “We were really pleased to be given the opportunity to work alongside Squadron Energy and Macquarie to create a more flexible non-recourse financing platform for Squadron Energy’s numerous upcoming renewable energy and storage projects. This financing is another evolution in the market to facilitate bringing these new projects into construction as efficiently as possible. 

"Congratulations to Squadron Energy and the bank group on achieving financial close.”

The deal is another example of Herbert Smith Freehills’ market-leading work in the clean energy sector and on renewable energy portfolio financings. Other recent examples include our firm advising:

• Edify Energy on the first-in-market $3 billion development and project financing of Smoky Creek and Guthrie’s Gap Solar Power Stations (the Projects) in Central Queensland.
• The bank syndicates on the A$750 million green portfolio financing of ACEN Australia’s New England Solar and Stubbo Solar projects.
• Tilt Renewables on its $2.25 billion portfolio financing with banks across both the domestic and Asian market.
• Advising HMC Capital on its $950 million renewable energy portfolio acquisition.
• Advising Metlen Energy and Metals on its $460 million portfolio financing of its Australian solar assets.