Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised the State of Victoria on the Victorian Renewable Energy Auction, which will deliver 928MW of new renewable generation in Victoria.
Six projects were successful in the auction, with each committing to deliver new wind or solar generation in Victoria, ranging from 34 to 336 megawatts. Together, the projects are expected to produce electricity for over 640,000 households, while investing in regional Victoria and creating more than 900 jobs.
The auction is part of the Victorian Renewable Energy Target, which seeks to ensure that 25% of Victoria’s electricity generation comes from renewable sources by 2020, increasing to 40% by 2025.
Corrs advised the State on the evaluation and negotiation of two of the successful projects – the Mortlake South Wind Farm south of Mortlake and the Winton Solar Farm near Benalla – as well as the broader procurement process. Corrs also worked closely with two other law firms appointed to assist with the negotiations on the other shortlisted projects.
Corrs lead Partner on the matter Jane Hider said, ”This type of procurement presents particular issues – from achieving a consistent approach across different projects with different structures, to ensuring that the auction objectives are achieved while contract terms support the financing of the projects.
“We are delighted to have assisted the State in reaching this milestone. It is another example of the Corrs team working collaboratively with government and its other advisers to develop solutions and achieve government objectives.”
The auction is a further demonstration of the alternative approaches being employed to support the development of renewable generation and Corrs’ experience in this area. Corrs recently advised five of the 14 purchasers in the Melbourne Renewable Energy Project, an aggregated purchasing model which is supporting the development of an 80 megawatt wind farm near Ararat.
The Corrs team was led by Partner Jane Hider, and supported by Senior Associates Paul Brickley and Stella Guettinger.