Herbert Smith Freehills Kramer advises on the A$3.8 billion project financing and financial close of Stage One of Marinus Link

Herbert Smith Freehills Kramer (HSF Kramer) has advised Marinus Link Pty Ltd (Marinus Link) on its A$3.8 billion project financing of Stage One of the Marinus Link interconnector project (the Project), provided by Clean Energy Finance Corporation, and financial close for the Project. Stage One is expected to be completed by 2030.

The Project, with an initial capacity of 750MW, will improve the electrical connection between Tasmania and the rest of the National Electricity Market. It will facilitate the supply of low-cost renewable power to Tasmania, and help firm renewable generation on the mainland.

HSF Kramer has assisted Marinus Link on the Project since its inception in 2018, including Project establishment, land assembly, environmental and other licences and approvals, marine surveys, and the procurement of cables, converters and other key equipment. HSF Kramer also assisted in the obtaining of an initial regulated revenue determination, after leading changes to the National Electricity Rules to better accommodate new entrant transmission projects.

The project financing marks a significant milestone for the Project, enabling the issuance of full notices to proceed under the High-Voltage Direct Current (HVDC) subsea and land cable contract with Prysmian Powerlink and the converter station contract with Hitachi Energy.

HSF Kramer’s lead Project Finance partner, Miles Wadley, said, “This is a landmark project finance transaction for Australia’s clean energy transition, combining a number of innovative features. We are proud to have supported Marinus Link and its stakeholders in delivering such a crucial project that will accelerate the integration of renewables and strengthen the resilience of the National Electricity Market.”

HSF Kramer’s lead Procurement partner, Toby Anderson, added, “We are proud to have supported Marinus Link through to financial close, marking a significant milestone in Australia’s energy transition. The issuance of notices to proceed for the cable and converter packages allows for commencement of construction in 2026. These contracts will enable the delivery of 345 kilometres of HVDC transmission infrastructure - including undersea and underground cables and advanced converter stations - enhancing energy security and unlocking the full potential of Tasmania’s renewable energy opportunities.”

HSF Kramer’s finance team was led by Miles Wadley, while the broader Project team was led by partners Toby Anderson, David Ryan, Laurelle Ko, Michael D’Agostino, Kristen Percy, Andrew Griffiths, Joseph Varghese, Heidi Asten and Melanie Debenham. They were supported by executive counsels Nadine Kilpatrick and Kimberley Lean, consultant Nicole Lacy, senior associates Emily Davidson, Talia Lake, Jessie Sun, Laura Ferraro and Tia Liu, and solicitors Jeremy Soh, Clare Yu, Matt Wong, Nathan Hawkins, Shruti Janakiraman, Lewis McNamara and Nicole Chen.

This deal is another example of HSF Kramer’s market-leading work in the Australian renewables sector. Other recent examples include advising: 

• the syndicate of international lenders on a $750 million green portfolio financing for ACEN Australia’s clean energy projects
• HMC Capital on its $950 million acquisition of the Neoen Victorian renewables portfolio
• APG on its $900 million investment into the Octopus Australia renewables business
• Cleanpeak on KKR’s $500m investment into the Cleanpeak business
• CPERI on its portfolio financing of the CPERI business
• Equis on the development and financing of the Calala BESS in Tamworth, New South Wales
• EnergyCo NSW on development of the Central West Orana renewable energy zone, procurement of new transmission infrastructure, development of access schemes and bespoke regulatory arrangements