White & Case Guides Global Firms in Renewable Energy Sale
Deal News | Feb 12, 2025 | White & Case
Global law firm White & Case LLP has played a pivotal advisory role for CVC DIF and Cbus in their agreement to sell their shared portfolio of renewable energy assets in Australia to Potentia Energy. The portfolio includes a significant 80.1% stake in Bright Energy Investments (BEI) and features projects exceeding 1GW in solar, wind, and battery energy storage systems over Australia's National and Wholesale Energy Markets. White & Case's expertise extends beyond transaction completion to advising on the expansion and project finance for Warradarge Wind Farm, set to become Western Australia's largest wind farm upon completion. This endeavor involves additional construction enhancing capacity by 108 MW alongside existing 184 MW, secured with financial backing from international bodies. Acting in dual capacity, White & Case partners Joel Rennie and Caroline Sherrell led a skilled Sydney-based team, emphasizing their comprehensive service in infrastructure investment lifecycles. The stakeholders, CVC and Cbus, are established entities with CVC DIF acting as a mid-market infrastructure fund and Cbus managing extensive superannuation assets.
Sectors
- Renewable Energy
- Project Financing
- Legal Advisory
- Private Equity
- Superannuation
Geography
- Australia – The transaction and renewable energy projects are based in Australia, central to the geographical relevance of the content.
- Western Australia – Specifically home to the Warradarge Wind Farm, highlighting regional economic and infrastructure development within the Western Australian context.
Industry
- Renewable Energy – The sale involves renewable energy assets such as solar, wind, and battery projects, denoting its core presence in this sector.
- Project Financing – Involves making arrangements for financial backing of large-scale energy projects like the Warradarge Wind Farm expansion.
- Legal Advisory – White & Case's role as legal advisors underscores significant interaction within the legal advisory sector.
- Private Equity – CVC DIF, being a mid-market infrastructure equity fund manager, connects this transaction to the private equity domain.
- Superannuation – Cbus operates as an industry superannuation fund, pivotal to the investment strategy and asset management aspect of the article.
Financials
- More than 1 GW – Referring to the capacity of the renewable energy portfolio involved in the sale.
- 108 MW – The increase in capacity as part of the Warradarge Wind Farm expansion.
- A$94 billion – Cbus's total assets under management as of June 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | Global law firm advising on the transaction for CVC DIF and Cbus. |
| CVC DIF | Seller | Company | Global mid-market infrastructure equity fund manager selling renewable energy assets. |
| Cbus | Seller | Company | An Australian industry superannuation fund involved in selling a renewable energy portfolio. |
| Potentia Energy | Buyer | Company | Acquired the renewable energy assets from CVC DIF and Cbus. |
| Bright Energy Investments | Target Company | Company | Part of the sold assets, with an 80.1% stake being transferred. |
| Joel Rennie | Partner | Person | White & Case partner co-leading the advisory deal team. |
| Caroline Sherrell | Partner | Person | White & Case partner co-leading the advisory deal team. |