PRESS RELEASE: 22 JULY 2015
Pegasus Legal advises juwi Renewable Energy on a world-leading $40M solar/battery integration project
Pegasus Legal has acted for juwi Renewable Energy on a solar/battery power plant to be constructed at the DeGrussa Gold-Copper mine owned by Sandfire Resources. The project combines a 10.6MW tracking solar array and 6MW of battery storage capacity. Pegasus Legal supported juwi from the early days of developing an innovative power purchase agreement dealing with the particular challenges of an off-grid project and technical integration into an existing diesel network. Sandfire Resources expects that the project will significantly reduce its diesel consumption. Carbon emissions will be reduced by over 12,000 tonnes of CO2 annually.
juwi is responsible for engineering, procurement and construction of the power plant with on-site installation being undertaken in joint venture with OTOC. juwi will operate and maintain the power plant once construction is complete.
The project attracted grant funding of $20.9M from the Australian Renewable Energy Agency (ARENA), incoming equity from French renewable energy company, Neoen and project finance of $15M from the Clean Energy Finance Corporation (CEFC). Financial close was achieved on 14 July 2015.
The CEFC was advised by King & Wood Mallesons, Neoen was advised by both Herbert Smith Freehills and Baker & McKenzie, ARENA was advised by Mills Oakley, and Sandfire Resources was advised by Holman Fenwick Willan.
The project is unique in the size of the solar/battery integration and the level of solar penetration. It will set the benchmark for future projects of this nature.
The Pegasus Legal team comprised Directors, Gerald Arends and Swati Johri and Associate, Laura Hillhouse.
The team at Pegasus Legal has advised on a wide range of leading solar projects around the world including Australia, Europe, South Africa, Thailand, Philippines and Japan.