Herbert Smith Freehills Kramer advises Foresight on Kondinin Wind Farm

Leading global law firm Herbert Smith Freehills Kramer (HSF Kramer) has advised Foresight, a leading global infrastructure and real assets investment manager, on the procurement, offtake and $530 million project financing of the 130MW first stage of Kondinin Wind Farm in Western Australia.

The debt financing has been provided by ANZ, Commonwealth Bank, Deutsche Bank, HSBC and Westpac, with Foresight investing through its Australian Renewables Income Fund (ARIF).

With financing now in place, construction of Stage 1 is set to commence under an EPC contract with Vestas. Kondinin Wind Farm is underpinned by strong long-term revenue support, including a 7-year Power Purchase Agreement with Synergy and a 15-year revenue support contract under the Australian Government's Capacity Investment Scheme.

HSF Kramer’s lead project finance partner, Gerard Pike said: “HSF Kramer is very pleased to have helped Foresight and Shell Energy as outgoing shareholder to achieve financial close on Kondinin Wind Farm, which is an important investment into Western Australia’s energy system and a critical project to help meet the State’s energy transition targets. Congratulations to the Foresight team for their hard work and persistence.”

HSF Kramer’s lead procurement partner, Daniel Ficyk added: “This project represents a significant milestone for Foresight and highlights the continued momentum behind renewable energy investment in Australia. It has been a pleasure to work alongside the Foresight team and other stakeholders to help bring the project to this stage, and we look forward to seeing construction commence”.

HSF Kramer partners Madeleine Miller, Frank Poeta, Daniel Zador and Melanie Debenham also provided corporate, FIRB, land, grid connection and planning and environment advice. They were supported by executive counsel Teresa Lusi, senior associates Jeremy Soh, Sean Frewin, Ellen Frodsham, Dhruvi Pindolia, Yonnie Lipshatz and Tessa Donovan, and solicitors Daniel Timms, James Snowden, Samatha Cooke, Vukasin Sokic, Nicholas Thongvilu, Marika Torihara, Tiffany Gardner and Mako Muraza.

This deal is the latest example of HSF’s market-leading work on large scale renewable energy projects and financing in Australia. Other recent examples include the firm advising: 

• Windlab on the procurement, $1.7 billion project financing and sale of its Gawara Baya wind energy project in North Queensland
• Squadron Energy on the refinancing of its $2.7 billion renewable energy asset portfolio in Australia.
• 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 syndicate on the $750 million green portfolio financing of ACEN Australia’s New England Solar and Stubbo Solar projects.
• Tilt Renewables on the procurement for its Waddi and Palmer Wind Farms and the $2.25 billion portfolio financing with banks across both the domestic and Asian market.