King & Wood Mallesons has advised QIC, on behalf of a consortium comprising the QIC Global Infrastructure Fund and other QIC-managed clients, including the Future Fund, on its $800m investment into the Powering Australian Renewables Fund.

The $3 billion Powering Australian Renewables Fund is a strategic partnership created by AGL to invest in approximately 1,000 MW of large-scale renewable energy assets and projects. The QIC-led consortium will become equity partners with AGL, with AGL providing $200m in cornerstone equity.

The partnership is the first of its kind in the Australian renewable energy sector and signals a major step forward for the industry, with the fund aiming to invest $3 billion in 1000 MW in wind and solar farms. These projects will make up to a fifth of the new capacity needed to meet the renewable energy target.

The fund is expected to acquire AGL’s 102 MW Nyngan and 53 MW Broken Hill solar plants as seed assets, and the balance of the fund will be invested in greenfield developments. Each investment will be underpinned by an offtake agreement with AGL.

KWM advised QIC and the consortium on all aspects of the fund establishment and transaction structuring.

The KWM team advising QIC/ the Consortium was led by Partners Craig Rogers, Roderick Smythe and Diana Nicholson, who were supported by Senior Associates Sharron Anderson, Carola Toledo Silva, Jack Hill and Theadora Tsangari.

“We are very pleased to have supported QIC and the consortium on this innovative and landmark investment which will enable them to enter the renewable energy market and further diversify their respective investment portfolios,” said Craig.