The project, which was initiated and sold in just 18 months, was advised by a far-reaching Pinsent Masons team comprising partner Ewan Robertson and associate Lucy Carter, who advised on the sale transaction, partner Margaret Cole, who advised on finance matters, and partner Jennifer Ballantyne and senior associate Louisa Wallace who advised on the initial property and planning stages of the project.
Located in Australia, the 120 megawatt Metz solar farm will be one of the largest solar farms in New South Wales and will be able to power half of the New England region.
Acting for a consortium of sellers and Infinergy on their first major project in Australia, Pinsent Masons' expertise within the energy sector saw the firm advise on the full lifecycle of the project – from the early property and planning stages of Metz Solar Farm to the recently completed sale.
Commenting on the deal, Ewan Robertson, partner at Pinsent Masons said:
"The sale of the Metz solar farm is significant, as it not only marks the sellers' first project sale in the Australian market, it also represents the buyers' first acquisition in Australia. Further, the speed at which the sale was initiated and completed is a ringing endorsement of the current appetite for renewable energy in Australia.
"In good news for Australia's renewable energy sector, many parties are now considering the development of other projects – a trend which we anticipate will continue to grow as businesses adapt to the rapid pace of change in consumer energy consumption behaviour, government policy shift and technology developments which enable improved energy yields."
The sale also confirms findings from Pinsent Masons' recent Smart Energy Report, Hungry for change: Investing in a smarter energy future, which revealed Australia and New Zealand are rated among the top five regions for global smart energy technology investment and growth potential for smart energy technology and R&D.