Ashurst advises Aquila Clean Energy APAC on procurement and portfolio financing of New Zealand solar PV projects

Global law firm Ashurst has advised Aquila Clean Energy APAC as international counsel on their procurement and portfolio financing of solar PV projects with an expected capacity of 180MWp in New Zealand. The portfolio forms part of a broader 1.4GW portfolio of solar PV projects to be developed by a joint venture between Aquila and Far North Solar Farm Limited. This is the first non-recourse solar portfolio financing in New Zealand by foreign investors and is supported by Westpac New Zealand Limited.

The first project to commence construction in this portfolio is the Pukenui Solar Farm (20.8MWp). Another three projects are eligible to be supported under the debt financing and will be announced at a later stage.

Aquila Clean Energy APAC is part of Aquila Group, an investment and asset development company focused on generating and managing essential assets for its clients. Aquila Group currently manages EUR 14.6 billion on behalf of institutional investors worldwide. Aquila Clean Energy APAC is a clean energy platform that funds, develops, builds and operates solar PV, wind power and battery storage assets across the Asia Pacific region. 

Partner Bree Miechel said: 

"It has been a privilege and pleasure for our team to support Aquila in achieving this milestone in developing and financing the joint venture's initial portfolio in New Zealand. We look forward to supporting Aquila in developing its portfolio in New Zealand and pipeline across the region."

The Ashurst team was led by partner Bree Miechel, who was assisted by: consultant Chris Skordas, senior associates Achal Gupta, Stephen Blair, and Charlotte Inglis and associates Suman Prusty, Nicholas Spiller and Georgia Pasialis (Projects & Energy Transition); and partner Adam Firth and Ben Judge (Strategic Advisory).