King & Wood Mallesons (KWM) has assisted QIC, on behalf of its clients the QIC Global Infrastructure Fund and the Future Fund, on the first greenfield development of the $A2-3 billion Powering Australian Renewables Fund (PARF).
KWM advised on the $A450 million development of the 200 MW Silverton Wind Farm, which is expected to be completed in mid-2018.
The KWM team was led by Partners Craig Rogers, Roderick Smythe and Shannon Etwell, with support from Solicitors Javad Asghari, Josh Thorneycroft, Heather Kirkup and Jahan Navidi.
PARF is an innovative financing platform established in 2016 in partnership with AGL to invest in large-scale renewable energy assets and projects. AGL provided $A200 million in equity funding to PARF, and QIC, on behalf of its clients the Future Fund and the QIC Global Infrastructure Fund, provided $A800 million.
KWM previously advised QIC and Future Fund in relation to the establishment of PARF, and the $A257 million acquisition of the 102 MW Nyngan and 53 MW Broken Hill solar plants by PARF – the first large-scale solar plants to be developed in Australia.
"We are pleased to continue to assist QIC and the Future Fund on the continued expansion of their renewable energy portfolio through PARF. The latest transaction shows the strength of the PARF model, and we look forward to assisting PARF to meet its objective of investing in 1000MW of installed renewable energy capacity by 2020", said Smythe.
