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31 October 20232 minute read

DLA Piper advises on acquisition of Victorian battery energy storage system

DLA Piper is delighted to have acted for Sosteneo SGR S.p.A. (Sosteneo), on behalf of clients, on its acquisition from Edify Energy of the 185MW / 370MWh Koorangie Energy Storage Project (KESS Project) to be constructed in the Murray River region of North-West Victoria.

We were pleased to assist Sosteneo on all aspects of their first investment in the Australian clean energy sector said Chris Mitchell, Corporate and Projects Partner, who led the DLA Piper team advising Sosteneo.

DLA Piper deployed a multi-disciplinary, cross-practice team of experts who assisted Sosteneo on all aspects of its acquisition of the KESS Project, including transaction document negotiations, project and project contracting diligence and project financing review.

The KESS Project is an important electricity infrastructure asset for Victoria. It is set to provide 20 years of system strength services to AEMO which will underpin further renewable energy assets in the Murray River region of Victoria, together with a 15 year offtake agreement with Shell Energy to support the delivery of renewable energy to Victorian consumers. It is terrific to see the KESS Project form part of Sosteneo’s broader portfolio of clean energy assets.” said Chris.

The DLA Piper team was led by Chris Mitchell (Corporate and Projects Partner) with assistance from Simone Bajraszewski (Senior Associate) and Hannah Lee (Solicitor). Project and project financing support was led by Alex Regan (Partner) with the assistance of Marnie Calli (Special Counsel), Jade Nelson (Senior Associate), Sophia Davies (Solicitor), Mariko Hunt (Solicitor), and Lisa Huynh (Solicitor); with the real estate team led by Stephanie Lambert (Partner) who was assisted by Kate Howson (Special Counsel) and Christian Wood (Senior Associate). Fleur Gibbons (Partner) and Sophia Grace (Special Counsel) provide specialist energy and electricity regulatory advice.

DLA Piper was ranked the #1 Global Renewable Energy Legal Adviser by Inspiratia for 2021 and 2022 (the thought leader in new energy and infrastructure) having advised on more renewable energy deals than any other law firm in every quarter of 2022. Additionally, for the 13th consecutive year, DLA Piper was the highest-ranked legal advisor in the world for M&A deal volume, according to Mergermarket's league tables.

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