Herbert Smith Freehills advises MYTILINEOS S.A. on the project financing of Munna Creek Solar Farm

Herbert Smith Freehills (HSF) has advised Mytilineos S.A. (sub-segment,M Renewables) on the project financing of the 150 MWp Munna Creek Solar Farm (Munna Creek) located west of Gympie in Queensland, Australia. 

Munna Creek is on a site stretching over 470 hectares and is expected to offset 200,000 tonnes of carbon dioxide emissions (CO2) each year. It is projected to generate enough clean energy to power around 41,000 homes. Construction of the project will start in 2024.

The project’s financiers are Westpac Banking Corporation, Intesa Sanpaolo and Deutsche Bank.

Munna Creek’s revenues are secured by two long term power purchase agreements (PPA) with NBN Co and Telstra Corporation. HSF also advised M Renewables on these PPAs. 

HSF’s Project Finance Partner, Gerard Pike, said, “We congratulate MYTILINEOS on achieving this huge milestone despite the difficult large-scale solar procurement market. MYTILINEOS’ vertically-integrated equity and construction model means it can proceed to construction with less hurdles than some other developers.” 

The project was supported by Herbert Smith Freehills’ Projects, Energy and Infrastructure team, led by Gerard Pike, Projects Financing Partner and Peter Davis, Energy Projects Partner. Matthew Selth , Senior Associate and Solicitors’ Blair Feng, Maria Nomikoudis, Sandra Nguyen and Samuel Goodear also supported the project. 

Herbert Smith Freehills continues to lead the renewable energy sector and advise on the financing of major renewables projects. This includes:

• Victorian State Electricity Commission (SEC) on its $245 million investment in the Melbourne Renewable Energy Hub project.
   
• Edify Energy on its development of the 185 MW / 370 MWh Koorangie Battery Energy Storage System and sale to Sosteneo SGR Spa.
   
• Tilt Renewables on its development of the 100 MW / 200 MWh Latrobe Valley Battery Energy Storage System.
   
• a consortium of lenders on legal aspects of the development and project financing of the 200 MW / 400 MWh Rangebank Battery Energy Storage System.
   
• CIMIC Group company Pacific Partnerships on the project financing of the 102 MWac/130MWdc Glenrowan Solar Farm in northern Victoria. Glenrowan Solar Farm is the first of the six successful projects chosen under the Second Victorian Renewable Energy Target Auction (VRET2) to achieve financial close.
   
• Grok Ventures on its acquisition of the Sun Cable project from administration.