Herbert Smith Freehills Kramer advises lender syndicate on landmark AUD$400 million electric heavy vehicle fleet financing

Leading global law firm Herbert Smith Freehills Kramer (HSF Kramer) has advised a syndicate of lenders on a landmark AUD$400 million debt facility transaction for fleet electrification and battery storage company, Zenobē. 

The transaction will support the expansion of Zenobē’s electrification offering for major public transport networks and commercial fleets in Australia and New Zealand (ANZ). 

The announcement marks the first integrated, multi-site heavy vehicle fleet electrification financing platform to be established in ANZ.

HSF Kramer’s project finance team advised the lender syndicate, Credit Agricole, MUFG Bank, Siemens Bank, Sumitomo Mitsui Banking Corporation and Societe Generale, on all aspects of the debt financing and associated hedging arrangements. 

The team was led by project finance partner, Gerard Pike, with support from senior associate, Jarrod Gook, solicitor, Lexi Long and graduate, Anna Andronis.

Gerard Pike, projects finance partner, said: “It is great to help Zenobē achieve this flexible platform debt facility, the first of its type in ANZ, and we are proud to play a part in speeding up the transition to electric heavy vehicles fleets and zero-emissions transport which will improve quality of life and reduce carbon emissions.

“Our bank clients on this landmark transaction worked really hard to make this possible and we commend them, and everyone involved, for their efforts.” 

The deal is another example of Herbert Smith Freehills’ market-leading work in the clean energy finance sector. 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.
• Advised a syndicate of international lenders on the A$750 million green portfolio financing of ACEN Australia’s New England Solar and Stubbo Solar projects.
• Tilt Renewables (Tilt) on securing a landmark A$2.25 billion portfolio financing with banks across both the domestic and Asian market.
• Advising HMC Capital on its A$950 million renewable energy portfolio acquisition.
• Advising Equis on the development and financing of the Calala BESS in Tamworth, New South Wales.
• Advising the syndicate of lenders on the project financing of Eku Energy’s 250MW/500MWh Big Canberra Battery energy storage project.
• Advising the lenders on the financing of Akaysha Energy’s Ulinda Park BESS project.