Mallesons has advised Lightsource bp on the NZ$285 million project financing for the Glorit solar farm in New Zealand, which has reached financial close.
Located north of Auckland, the 171MWdc / 150MWac Glorit solar farm is being developed by Lightsource bp, a leading global onshore renewables and energy storage developer. It is being delivered through its 50:50 joint venture with Contact.
The project will deliver new grid-scale renewable energy generation to the New Zealand market. It is expected to bring additional renewable generation to the upper North Island, supporting increased electricity demand and strengthening generation capacity close to key load centres.
The non-recourse financing was provided by ANZ, Mizuho, Bank of China New Zealand, China Construction Bank New Zealand and Deutsche Zentral-Genossenschafts Bank.
The Mallesons deal team was led by Energy Partner Rod Smythe, supported by Senior Associate Morgan Clune and Solicitors Annelise Nguyen, Eliza Saville and Shanzeh Malik. The power purchase and engineering, procurement, and construction (EPC) arrangements were led by Partner Shannon Etwell, supported by Senior Associate Sophie Sweeney and Solicitor Wilson Poon.
Commenting on the transaction, Rod Smythe said:
“Reaching financial close on Glorit is a significant milestone for renewable energy in New Zealand and reflects the continued growth of grid-scale solar in the market. We advised Lightsource bp on a structured, multi-bank financing that will help deliver new renewable generation capacity for the upper North Island and support New Zealand’s broader energy transition.”
The matter builds on Mallesons’ work with Lightsource bp in New Zealand, including Kōwhai Park, and reflects the firm’s continued role advising on the financing and delivery of renewable energy infrastructure across Australia and New Zealand.
