Norton Rose Fulbright advises on global proxy revenue swaps for solar and wind

Written By: Jen Neville
June 28, 2018

wind and solar

A cross-border team from global law firm Norton Rose Fulbright has advised Allianz Global Corporate & Specialty's alternative risk transfer unit, together with its partner Nephila Climate, on a proxy revenue swap for the 98MW Susan River Solar Project and the 78MW Childers Solar Project.

These two transactions were a first of their kind not only in Australia but also in the global energy renewables market.
The Norton Rose Fulbright team spanning Sydney and New York advised on this transaction, drawing upon the New York team’s previous work with Allianz, Nephila and REsurety, Inc. to structure and document the first proxy revenue swaps for wind projects in the US.

Following the success of the Susan River and Childers proxy revenue swaps, the Sydney and New York-based Norton Rose Fulbright teams have recently advised Allianz, Nephila and REsurety on two proxy revenue swaps for the Lal Lal Wind Farm. Separately, the firm’s Melbourne-based project finance team has advised the financiers on the successful financial close of the Lal Lal wind farm, which occurred on 15 June 2018.

The structure of the proxy revenue swaps will allow the solar and wind projects to protect their revenues from the financial risks associated with uncertain production volume, timing of energy generation and future energy prices and present an exciting new development in financeable offtake opportunities in the Australian market.

Norton Rose Fulbright projects group partner in the US, Robert Eberhardt, commented: "The Allianz, Nephila and REsurety teams are pioneers in developing innovative, financeable risk transfer solutions for renewable energy projects. We appreciate having the opportunity to help them successfully close their first renewables transactions in Australia and to expand their product offerings to solar projects."

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