Moulis Legal has advised a syndicate of lenders on financial close of the Big Canberra Battery energy storage system, to be located at Williamsdale just inside the Australian Capital Territory’s border with NSW. The 250MW / 500MWh back-up battery project, developed by Eku Energy with the support of a 15-year revenue swap arrangement with the Australian Capital Territory Government, reached financial close on 5 November 2024.
Under the arrangement, Eku Energy will provide the ACT Government with a share of revenue from the project’s participation in the National Electricity Market in exchange for fixed quarterly payments over a 15-year period. The syndicate providing project financing to the project is MUFG Bank, Sumitomo Mitsui Banking Corporation, and Westpac Banking Corporation. The battery technology is to be supplied by Tesla, with the balance of plant provided by Consolidated Power Projects. Local electricity distributor Evoenergy will provide connection services for the project.
Moulis Legal’s Infrastructure, Sustainability, and Energy team of partner Daniel Moulis, special counsel Christopher Hewitt, senior associate Caroline Faeh, and senior lawyer Emily Schilling acted as ACT counsel for the lenders under instruction from the syndicate’s principal lawyers, Herbert Smith Freehills. Ashurst advised the borrower entity. KWM advised the Australian Capital Territory. ICA Partners acted as financial adviser to Eku Energy.
The Eku Big Canberra Battery transaction adds to Moulis Legal’s significant experience in the roll-out of the renewable energy transition, not only in Australia but internationally, which includes:
- opining on solar and wind farm development projects Ararat Wind Farm, Barcaldine Solar, DeGrussa Solar, Manildra Solar, Mount Majura Solar, Royalla Solar, Sapphire Wind Farm, SunEdison Solar, and Williamsdale Solar
- strategic procurement contract advice for Goldwind’s supply of wind towers to Red Sea Wind Energy for the 500MW Gulf of Suez 2 wind farm project (lead syndicate of ENGIE, Orascom Construction, Toyota Tsusho Corporation, and Eurus Energy)
- advisor on infrastructure development including public/private development of urban transport options within Canberra’s town centres (Scentre Group) and legal compliance for Canberra’s light rail Stages 1 and 2a (Capital Metro)
- legal counsel for the establishment and roll out in Australia of NYSE-listed premium electric vehicle brand ZEEKR Intelligent Technology
- review of gas laws and legal frameworks for Canberra’s uptake of hydrogen energy, with ITP Thermal, commissioned by the ACT Government for its push towards net zero emissions by 2045
