Financial close for Transgrid lease in NSW

NSW Electricity Networks (NSWEN) has closed financing for the 99-year lease of TransGrid, owner and operator of the electricity transmission network of the State of New South Wales in Australia.

The network of high-voltage power lines spans close to 13,000 km and serves Sydney and Canberra, the country’s economic and political capitals.

Allens has worked with NSW Treasury and its other advisers to bring to completion the A$10.258 billion (US$7.03 billion) 99-year lease.Partner, John Greig, stated:

'The transaction has been complex and demanding but the team has enjoyed the challenges. The work builds our  electricity transaction and reform experience for government in every participating state in the National Electricity Market. 'The second in a suite of three transactions, the partial lease of the distribution network, Ausgrid is underway and well positioned.' 

Gilbert + Tobin has advised the syndicate of 12 local and global financiers for the winning Hastings Funds Management and Spark Infrastructure led consortium bid. John Schembri, Head of Banking and Infrastructure at Gilbert + Tobin stated:

“The existing relationships with those financiers, as well as the depth and expertise of our team, enabled us to achieve the swift completion of one of this market’s largest ever financings in only three weeks from the announcement of the winning bid.