06 October 2005
Melbourne, 6 October 2005: With the global oil crisis casting alternative energy sources into the spotlight, national law firm Clayton Utz has helped bring to fruition a landmark multi-million dollar renewable energy joint venture which sees one of its long-standing clients at the forefront of international developments in this sector.
For the past six months, a team from Clayton Utz has been advising Hydro Tasmania* on establishing a joint venture with Hong Kong based energy giant CLP Power Asia Limited to pursue renewable energy developments in Australia, New Zealand and the wider Asian region, including China. The deal was signed on 22 September.
Known as Roaring 40s Renewable Energy Pty Ltd, the JV aims to develop four projects over the next two years, starting with two new wind farms in Tasmania - a 75MW project at Studland Bay and a 125MW project at Musselroe - followed by two 50MW wind farms in New Zealand and China respectively.
Since May this year, Clayton Utz corporate partner Nick Miller has been leading a tightly run team out of the Melbourne office comprising senior associates Sam Cottell and Brendan Groves and with assistance from Stacey Stefanidakis in Legal Technology Support in advising Hydro Tasmania on the deal.
Their role included drafting and negotiating the co-investment transaction and establishing a joint venture for 50-50 ownership of Hydro Tasmania's wind farm assets. Under the deal, CLP Power Asia Limited will invest over A$110 million to become a 50% partner in Roaring 40s, Hydro Tasmania's renewable energy development arm. Roaring 40s currently owns the Woolnorth Bluff Point wind farm as well as a half stake in the Cathedral Rocks wind farm in South Australia.
Mr Miller said the Clayton Utz team was pleased to have been able to assist a long-standing client on a deal of such significance. "Our knowledge of the client’s corporate history and our understanding of its wind farm assets greatly contributed to our involvement in this new joint venture," said Mr Miller. "The company is now heading in a very exciting direction, with CLP management expecting Roaring 40s to be recognised quickly as the pre-eminent renewables company in Australasia and Asia, leading the market in the development of renewable energy projects and also spearheading policy change and reform throughout Asia."
Clayton Utz has been Hydro Tasmania’s main external legal adviser for more than ten years, advising it on projects including Basslink, one of the world's longest submarine power cables, as well as wind farm developments.
CLP Power Asia Limited is part of The CLP Group, one of the largest investor-owned power businesses in Asia.
*Hydro Tasmania produces over 60 per cent of Australia's electricity generated from renewable energy sources (Source: www.hydro.com.au)
