Buddle Findlay is pleased to have advised the finance parties on the project financing of the Mt Cass Wind Farm, being developed by Yinson Renewables New Zealand, through its subsidiary Mt Cass Wind Farm. The project achieved financial close on Friday 2 October, with the project having commenced construction earlier in the year and targeting commercial operations in 2028.
The 22-turbine, 94.6 MW wind farm will be the first wind farm in the Canterbury region and, when complete, will generate over 300 GWh of electricity annually creating enough clean energy to power approximately 40,000 homes – offsetting approximately 100,000 tonnes of CO2 emissions.
The debt for the project was provided by MUFG Bank, Ltd., The Hongkong and Shanghai Banking Corporation Limited and Bank of New Zealand, with MUFG acting as agent and security trustee for the syndicated financing.
The Buddle Findlay team advising the finance parties was led by partners Daniel Collins and Ed McGimpsey, and included Peter Owles, Bassam Maghzal, Seamus Barnett and Lisa Bazalo.
The Anderson Lloyd team, led by Anton Trixl and Geoff Busch, and including Salam Bassili and Emma Anderson, advised Yinson and the ProjectCo on the financing arrangements.
Daniel Collins and Ed McGimpsey commented "We are particularly pleased to have advised BNZ, HSBC and MUFG on Yinson's first wind energy project in New Zealand and the first project financed wind farm development of any scale in the New Zealand market in recent years. Congratulations to all involved – in particular the team at Yinson and the deal teams at BNZ, HSBC and MUFG."