Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised the lenders on an A$1.6 billion Climate Bonds Certified green loan in connection with the acquisition by QIC Infrastructure (on behalf of its managed funds and clients) of a 50% interest in Vector’s New Zealand and Australian metering business (Vector Metering).

Vector Metering is a leading smart metering business which provides innovative smart meter data services from more than two million electricity and gas meters throughout New Zealand and Australia. The loan will fund QIC Infrastructure’s acquisition and capital expenditure for Vector Metering’s ongoing expansion in Australia and New Zealand.

Led by partner Adam Stapledon and supported by partners Alexandra Feros and James North, Corrs advised the lenders and the joint sustainability coordinators on all aspects of the financing. The team included experts from across the firm’s banking and finance, corporate, tax and technology practices. Bell Gully provided New Zealand law advice to the lenders.

Commenting on the matter, Corrs’ head of banking and finance Adam Stapledon said: “Congratulations to all involved on reaching financial close. We understand this is the world’s first use of proceeds instrument under the new Climate Bonds Standard v4.0 and the largest Climate Bonds Certified green bank loan under the Climate Bonds’ Electrical Grids and Storage eligibility criteria. We are pleased to have advised the syndicate of Australian and international lenders and the joint sustainability coordinators on this significant transaction.

“Alongside investment in transmission infrastructure, smart meters have an important role in facilitating Australia’s transition to renewable energy generation and Vector Metering is well positioned to be a key player in this process,” Mr Stapledon added.