KWM is delighted to have acted as lead legal counsel to the Clean Energy Finance Corporation (CEFC) on the CEFC’s long term concessional financing package to the landmark Marinus Link interconnector project. The transaction represents the single largest investment in the CEFC’s history and a strategic investment in Australia’s clean energy future.
The CEFC’s groundbreaking investment is foundational to the Marinus Link project, a project that is expected to create thousands of jobs, drive investment across Tasmania and Victoria, and support the development of new renewable energy projects. The success of the Marinus Link project is a critical enabler to the export of Tasmania’s hydroelectricity to the mainland and greater storage and management of renewable energy and supporting Australia’s emissions reduction targets.
Taking a team-based approach, working along-side the CEFC deal team and its advisors, KWM advised the CEFC on the concessional financing of the Marinus Link project, working through complex legal, regulatory, and multi-jurisdictional challenges involving three government shareholders, international and domestic contractors and the CEFC’s statutory mandate. Our team led the drafting and negotiation of all key financing, security, and ancillary documents.
The KWM team was led by Jo Crew with support from the wider KWM network including Special Counsels Nicola Pearl, Bridget Phelan and Ari Rosenbaum, Senior Associates Lachlan O’Brien and Shubho Mukherjee and solicitors Alisha Tan, Amelia Preuss, Daniel Ho, Katie Nikolaou, Natasha Holman, Ryan Matthews, with support from partner Claire Rogers.
Commenting on the deal, Jo Crew said:
“Marinus Link is critical to Australia’s energy transition and will be transformative for the east coast energy plan, allowing electricity consumers in the NEM to benefit from underutilised storage and generation capacity in Tasmania.
We are grateful for the opportunity to have worked along-side the dedicated CEFC team to deliver this groundbreaking financing package, for what is expected to be a defining project for the National Electricity Market.”
KWM is proud to support the CEFC and the Australian energy sector in delivering this landmark project, which is set to play a pivotal role in Australia’s clean energy transition upon its anticipated completion in 2030.
