Anderson Lloyd is pleased to have advised on the financing of the first 200MW stage of the Te Rāhui solar project

Anderson Lloyd is pleased to have advised a syndicate of banks comprising ANZ Bank New Zealand Limited, Bank of New Zealand, Commonwealth Bank of Australia, MUFG Bank, Ltd. and Westpac New Zealand Limited on the financing of the first 200MW stage of the Te Rāhui solar project near Taupō.

The Te Rāhui solar project is being developed by Nova Energy and Meridian Energy on a joint venture basis. Once complete, it will deliver a 400MW solar farm, generating enough renewable electricity to power approximately 100,000 homes and becoming one of the largest solar installations in New Zealand. Financial close of this first stage represents a major milestone in delivering large-scale renewable infrastructure that supports New Zealand’s energy transition and resilience, biodiversity and community outcomes.

The Anderson Lloyd team was led by Finance partner Geoff Busch and Projects & Construction partner Anton Trixl, and included Emma Kerr (Partner), Sarah Eveleigh (Partner), Clare O’Shea O’Shea (Partner), Salam Bassili (Special Counsel), George Willis (Senior Associate), Peter McDonald (Senior Solicitor), Lorna McIntosh (Senior Solicitor) and Emma Anderson (Solicitor).

We congratulate Nova Energy and Meridian Energy and acknowledge the collaborative efforts of all parties involved, including:

• Herbert Smith Freehills Kramer as lead project counsel;
• Chapman Tripp as legal advisor to Nova Energy;
• Russell McVeagh as legal advisor to Meridian Energy; and
• MUFG Advisory as financial advisor.

This transaction marks a significant step in New Zealand’s renewable energy journey, and we are delighted to have supported the bank syndicate and sponsors in achieving financial close.