Herbert Smith Freehills (HSF) has advised Mytilineos S.A. (sub-segment,M Renewables) on the project financing of the 150 MWp Munna Creek Solar Farm (Munna Creek) located west of Gympie in Queensland, Australia.
Munna Creek is on a site stretching over 470 hectares and is expected to offset 200,000 tonnes of carbon dioxide emissions (CO2) each year. It is projected to generate enough clean energy to power around 41,000 homes. Construction of the project will start in 2024.
The project’s financiers are Westpac Banking Corporation, Intesa Sanpaolo and Deutsche Bank.
Munna Creek’s revenues are secured by two long term power purchase agreements (PPA) with NBN Co and Telstra Corporation. HSF also advised M Renewables on these PPAs.
HSF’s Project Finance Partner, Gerard Pike, said, “We congratulate MYTILINEOS on achieving this huge milestone despite the difficult large-scale solar procurement market. MYTILINEOS’ vertically-integrated equity and construction model means it can proceed to construction with less hurdles than some other developers.”
The project was supported by Herbert Smith Freehills’ Projects, Energy and Infrastructure team, led by Gerard Pike, Projects Financing Partner and Peter Davis, Energy Projects Partner. Matthew Selth , Senior Associate and Solicitors’ Blair Feng, Maria Nomikoudis, Sandra Nguyen and Samuel Goodear also supported the project.
