Over the last few months, our teams have played a key role in our clients transaction wins, particularly in the energy transition and resources sectors. In the April edition of The Dispatch, we spotlight Mitsui’s landmark US$5.342 billion acquisition of the Rhodes Ridge iron ore project. We also showcase our Project Financing and Energy team’s involvement in two significant deals for the Calala Battery Energy Storage System, highlighting our extensive expertise in driving energy transition initiatives.
Our headline deal of this edition is Mitsui’s US$5.342 billion acquisition of an interest in Rhodes Ridge iron ore Project. Andrew Deszcz led a team to advise Mitsui on its agreement to acquire a 40% interest in the Rhodes Ridge iron ore project in Western Australia’s Pilbara region. Rhodes Ridge is one of the world’s largest undeveloped iron ore deposits, with 6.8 billion tonnes of confirmed mineral resources available. A big congratulations to the wider team: Matt Persico and our Environment, Planning & Native Title, Competition, FIRB and Banking & Finance teams.
Also in M&A, Rhys Casey and Jason Watts teamed up to advise Auswide on its merger with MyState Limited (ASX: MYS), by way of an all-scrip scheme or arrangement. As a result of the Scheme, Auswide is now a wholly owned indirect subsidiary of ASX listed MyState Limited. Kudos to the wider team: Caroline Paskevich, Vanessa Hang, Judith Taylor and our Banking and Finance, Securitisation and Employment teams.
In capital raising, Brian Murphy, Amanda Isouard and Hayden Flinn led a team to advise Goodman Group on its equity raising comprising an institutional placement (raising $4 billion) and follow-on security purchase plan (raising up to $400 million). The equity raising will provide Goodman with greater financial flexibility to pursue a number of growth opportunities across its logistics and data centre operations, a reduction in gearing in the short term, and for working capital generally. Well done to the wider team: Hayden Flinn.
Over to energy transition which remains an attractive area in deal making for our clients, driving several significant deals:
Josh Thorneycroft led a team to act for SmartestEnergy Australia on the negotiation of its first battery tolling agreement in respect of the Calala Battery and Energy Storage System (BESS), being developed by Equis Energy. This agreement marks a major milestone in SmartestEnergy’s expansion into the Australian energy market, enhancing the firming capacity of its retail portfolio while also contributing to improved grid reliability and supporting Australia’s transition to renewable energy. Congratulations to the wider team: Annelise Nguyen.
Also contributing to Calala’s BESS project, Chris Dynon advised Societe Generale, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation as financiers to the 2-stage Calala Battery Energy Storage System being developed by Equis Australia. The Calala BESS comprises an aggregate capacity of 250MW / 500MWh and will contribute a considerable amount of grid firming capacity to assist in ensuring a smooth energy transition in Australia. Kudos to the wider team: Emma Reed, David Kennelly and Emily Powell.
Chris also led a team to advise the syndicate of financiers on the project financing of the Wooreen Energy Storage System (WESS), EnergyAustralia’s 350 MW capacity battery in Victoria. EnergyAustralia’s development of the WESS ensures that storage is built to firm increased renewable energy before the Yallourn power station retires in mid-2028, and further supports its goal of expanding its portfolio to include up to 3 GW of renewable energy by 2030. Outstanding work to the wider team: Madeleine Coates, Evelyn Kourambas, Jonathan Le and Emma Murphy.
Reflecting the vibrancy of Australia’s energy market, Roderick Smythe, Tim Ma, Chris Dynon, and Chris Pitson worked together to advise Palisade on its agreement to acquire a 100% interest in the Limestone Coast North Battery Energy Storage System from Pacific Green Technologies. The acquisition makes Palisade one of Australia’s largest renewable energy investors. Well done to the wider team: Damiano Castelli, Morgan Clune, Edward Kus, Louisa Thornton and Celine Stylianou.
Shirley Cheng and Steve Swan led a team to advise Transgrid on its appointment by EnergyCo as the preferred network operator for the Hunter Transmission Project. This appointment signifies another big step towards a cleaner, more affordable renewable energy future for homes and businesses. A big congratulations to the wider team: Tiffany Yang, Ruby Day, Steve Swan, Nicole Morris and Amy Schiffer.
Vishal Ahuja and Jessica Kruger teamed up to advise AEMO Services on Tender Round 5 for Long-Term Energy Service Agreements under the NSW Electricity Infrastructure Roadmap. This tender focused on the delivery of high-quality electricity infrastructure that is in the long-term financial interests of NSW electricity customers and saw the award of a contract to the first pumped hydro project under the scheme. Terrific work to the wider team: Tracey Jordan, Stephen Brightman, Capucine Hague, Annelise Nguyen, Claire Ng, Xani Meyers, Nick Forbutt and David Ellis.
We were also excited to launch our refreshed suite of M&A and corporate focussed publications, commencing with the inaugural edition of 'It's Public' (which supersedes M&A in the City) – the go-to publication and podcast for Australian public M&A. Second in our refreshed suite is ‘In Private’, our new publication dedicated to private capital dealmaking and portfolio management. You can access ‘It’s Public’ here and ‘In Private’ here.
Lastly, we were proud to retain strong recognition in the M&A sector, topping Mergermarket, Refinitiv and Bloomberg’s M&A league tables for Q1 2025. A huge congratulations to our M&A team! You can see a summary of the results here.
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