Herbert Smith Freehills Kramer advises Tilt on its $2.25 billion corporate portfolio financing

Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised Tilt Renewables (Tilt) on securing a landmark A$2.25 billion portfolio financing with banks across both the domestic and Asian market.

The upsize in existing debt and additional Asian term loan will help to support the final investment decisions for Tilt’s 108 MW Waddi Wind Farm in Western Australia and 288 MW Palmer Wind Farm in South Australia, and be used to support the construction of each of these new wind farms.

Partner Gerard Pike commented, “It is excellent to see a large syndicate of banks so strongly supporting the further expansion of Tilt’s renewable energy portfolio in Australia. Tilt and its shareholders are working so hard to bring these next two new large scale wind farms into construction as a result. The flexibility and terms of this financing break new ground and show that financiers are keen to work with quality developers like Tilt to further Australia’s energy transition.”

The HSF Kramer project finance team was led by partner Gerard Pike, with support from Executive Counsel Nadine Kilpatrick, Senior Associate Lisa Hamilton and solicitors Maria Nomikoudis, James Ward and Yuki Ho. The HSF Kramer team is also advising on the procurement and offtake legal arrangements for Palmer Wind Farm and Waddi Wind Farm.

Gresham were debt advisors to the Tilt Renewables team lead by Hamish Irving, Philip Sherlock and Simon Chua.

This deal further solidifies HSF Kramer’s position as a leading legal adviser in the Australian renewable energy transition. Other recent examples of its market-leading work in the renewables sector include:

• the syndicate of international lenders on a $750 million green portfolio financing for ACEN Australia’s clean energy projects;
• the syndicate of international lenders the financing for the 300 MW / 600 MWh Wellington Battery Energy Storage System to be developed in NSW;
• HMC Capital on its A$950 million renewable energy portfolio acquisition and financing;
• Equis on the development and financing of the Calala BESS in Tamworth, New South Wales;
• EnergyAustralia on its development of the 350 MW/1400 MWh Wooreen Battery Energy Storage System in the Latrobe Valley, Victoria;
• the syndicate of lenders on the project financing of Eku Energy’s 250MW/500MWh Big Canberra Battery energy storage project; and
• the lenders on the financing of Akaysha Energy’s Ulinda Park BESS project.