DLA Piper advises BNP Paribas, DBS Bank and ING on their Financing of Vena Energy's Wandoan South Battery Energy Storage System

DLA Piper is proud to have supported BNP Paribas, DBS Bank and ING Bank N.V on their financing of Vena Energy’s AUD120m 100MW/150MWh Wandoan South Battery Energy Storage System (Wandoan South BESS) in Queensland, Australia. All three banks were joint mandated lead arrangers for the Wandoan South BESS which reached financial close on 14 December 2020.

The Wandoan South BESS is the first standalone, commercially viable battery project, to reach financial close, without the need for State or Federal Government assistance. The financing is also among the first of Vena Energy’s renewable energy portfolio in the Australian market, and the first battery project internationally, to meet the criteria for Vena Energy’s Green Financing Framework.

Pierre Floriat from BNP Paribas said: “As Green Loan Coordinator for the financing, BNP Paribas strongly believe the Wandoan South BESS provides a template for more battery projects to be commercially financed and will enable further renewable penetration into Australia’s National Energy Market.”

The DLA Piper team was led by Finance and Projects partner Kate Muller, assisted principally by senior associate Marnie Carroll, solicitor Stefanie Fraser and graduate Andrew Heiner, with Finance and Projects partners Alex Jones and Rhys Davies along with Real Estate partner Kate Pickthall providing specific input on Native Title, Cultural Heritage, Planning, Environment and Real Estate matters.

“The team at DLA Piper, in their role as advisors to the Lead Arrangers, have worked seamlessly with Vena Energy and our financing partners. Vena Energy is thrilled with the outcomes achieved for the Wandoan South BESS and our colleagues at DLA Piper helped make that possible”, said Anil Nangia, Head of Vena Energy Australia.

Kate Muller, partner noted: “It’s always a buzz working at the very edge of the Energy market – and this project has been no exception. The DLA Piper team look forward to taking the lessons learned on this market leading project and applying them to the many that follow, as storage projects take on a significant role in stabilising the grid through the provision of ancillary services.”