Allens has advised a syndicate of domestic and international financiers in connection with debt financing facilities to Squadron Energy as part of its landmark acquisition of CWP Renewables from global private markets firm Partners Group, acting on behalf of its clients.
The firm advised the syndicate on an innovative portfolio debt financing package that will see Squadron Energy become Australia’s largest renewable energy investor, operator and developer, with an operating portfolio of 2.4GWs (including Sapphire, Murra Warra I & II, Bango and Crudine Ridge wind farms) and a development pipeline of 20GWs of renewable energy projects. Structured as a financing stapled to the sale of the assets by Partners Group, the facility was structured and arranged by Partners Group (with the assistance of Macquarie Capital) and available to all bidders. It is one of only a very few stapled financings to be used to reach completion in the Australian market.
‘We are pleased to have worked with Partners Group, Squadron Energy, Macquarie Capital and a syndicate of leading renewable energy financiers on what is the biggest renewable energy deal to date in Australia,’ said lead Partner Tim Stewart.
‘As the largest renewable energy player in the country, Squadron will be key in driving Australia’s energy transition. We congratulate all stakeholders on reaching financial close on what was a highly complex and challenging transaction and one which represents a further milestone on the path to net-zero.’
