Herbert Smith Freehills Kramer advises lenders on 300 MW / 600 MWh Wellington Battery Energy Storage System to be developed in NSW

Herbert Smith Freehills Kramer (HSF Kramer) has advised a syndicate of lenders on the project financing of AMPYR Australia’s 300MW/600MWh Wellington Battery Energy Storage System (BESS), which will be located in Wellington, NSW (the Project).

The lender group comprised Bank of China, Commonwealth Bank of Australia, Coöperatieve Rabobank U.A, Hongkong, Shanghai Banking Corporation, Société Générale, and United Overseas Bank (UOB).  

The Project will be supported by Zen Energy Retail, which has entered into a 10-year offtake agreement with AMPYR for 150MW of the Wellington BESS capacity. Fluence Energy will service and maintain the Project under a 20-year service agreement while Lumea has been engaged to provide connection to Transgrid’s 330 kV network at Wellington. 

The HSF Kramer team was led by partner Elizabeth Charlesworth, with support from a number of partners including Gabby Herron-Cartwright, Laurelle Ko and Peter Davis, and solicitors James Snowden, Jolyn Loh and Judita Hudson.

Commenting on the transaction, partner Elizabeth Charlesworth said, “We are proud to have supported the lenders and AMPYR on this landmark transaction. Wellington BESS will help deliver more critical storage capacity to transition to a more resilient, reliable and renewably powered grid in NSW. The successful close is a testament to the collaborative efforts of all parties involved.”

This transaction further cements HSF Kramer’s position as a leading legal adviser in the Australian energy transition and BESS market. Other recent examples of HSF Kramer’s market-leading work in the renewables sector include the firm advising:

• EnergyAustralia on its development of the 350 MW / 1400 MWh Wooreen Battery Energy Storage System in the Latrobe Valley, Victoria;
• the syndicate of lenders on the project financing of Eku Energy’s 250MW/500MWh Big Canberra Battery energy storage project;
• CleanPeak Energy and Igneo Infrastructure Partners on their $460 million portfolio refinancing of renewables assets with capex facility for future projects;
• METLEN Energy & Metals on their portfolio financing of solar farm projects across NSW and Queensland;
• The international syndicate of lenders on the $750 million green portfolio financing for ACEN Australia’s clean energy projects; and
• HMC Capital on its $950 million renewable energy portfolio acquisition.