Global law firm Clifford Chance has advised Photon Energy Group on the proposed sale of two solar PV power plants and a hybrid solar and battery project in New South Wales, Australia, to CleanPeak Energy.
The portfolio includes the Leeton and Fivebough operating solar PV power plants with a combined capacity of 14.5MWp and the Boggabri development-stage hybrid solar / battery project with a capacity of 8.2 MWp / 10.9 MWh. The transaction is expected to complete during October 2024.
The Clifford Chance team advising on the transaction was led by Reuben van Werkum, with support from senior associate Emily Yung, associate William Lucas and graduate lawyer Isabelle Ellerker.
Reuben said, “We are pleased to be representing Photon Energy Group on this deal that underscores the importance of continued investment in distributed energy resources (DERs) as well as grid-scale energy storage technologies. This portfolio will help to enhance grid stability and assist New South Wales with a reliable supply of clean energy, a critical part of the current energy transition to a more sustainable and resilient energy sector.”
The Leeton and Fivebough solar farms, connected through 5 MW grid connections to the Essential Energy distribution network, were commissioned in 2021 and built using single-axis tracking and bi-facial solar modules to maximise energy yield throughout the day. Most of the electricity generated by these power plants is sold into the National Electricity Market (NEM), with a small proportion sold through a Power Purchase Agreement (PPA).
The Boggabri development-stage project is ready-to-build with development approval in-hand and a connection offer from Essential Energy.
Clifford Chance previously advised Photon Energy Group on the structuring, establishment and acquisition of a 1.14 GW portfolio of solar PV projects across five sites in New South Wales, and sale to Canadian Solar. The firm is a leading adviser on transactions involving some of the most significant energy and infrastructure portfolios in Australia and globally, having advised Brookfield on its proposed acquisition of renewables developer Neoen, AGP on Stonepeak’s strategic investment in its portfolio of real assets, and Partners Group on the sale of CWP Renewables.
