Buddle Findlay is proud to have advised the finance parties on the project financing of Tauhei Solar Farm, being developed by a joint venture between Harmony Energy and First Renewables (a Clarus company).
The solar farm is poised to be New Zealand's largest solar array to date and, on completion in late 2026, will add 202 Megawatt peak (MWp) of energy capacity to the New Zealand grid – or approximately, 280 gigawatt hours of electricity annually - enough electricity to power 35,000 homes.
The financing for the project was provided by ANZ Bank New Zealand, ASB Bank, Bank of New Zealand and MUFG Bank, with MUFG Bank as agent and security trustee for the funding arrangements.
The Buddle Findlay team advising the finance parties was led by partners Daniel Collins and Peter Owles, and included Bassam Maghzal, William Hunnam and Abhi Guda. Anderson Lloyd, led by Anton Trixl and Geoff Busch, advised the ProjectCo – both on the financing arrangements and the project documentation. The financial advisor to the ProjectCo was MUFG Advisory – led by Errol Schulz.
Daniel Collins commented "we are delighted to have partnered with ANZ, ASB, BNZ and MUFG in delivering the project financing for the Tauhei Solar Farm. It has been a real pleasure to work alongside Brendon Mahood, Matt Dobbs, James Grant, James Huang and each of their teams.
Congratulations to the Anderson Lloyd team (Anton Trixl and Geoff Busch) and the respective teams at Harmony Energy and First Renewables. This is a fantastic outcome for New Zealand and hopefully the first of many renewable projects in New Zealand for Harmony Energy and First Renewables.
Finally, a shout out to Garth Elmes, Jonathon Earl and Errol Schulz who were always on hand to answer any questions from the lender group and drive the transaction forward – especially in the last couple of weeks leading up to financial close."
Garth Elmes – Harmony Energy commented "we are thrilled that the Tauhei Solar Farm project has reached financial close. This is a significant milestone for Harmony Energy in New Zealand. Getting to financial close on time is a testament to the hard work and dedication of all the teams involved. I would like to extend a special thanks to the lenders and the Buddle Findlay team for the pragmatic approach they brought to this transaction."
Brendon Mahood – ANZ commented “projects of this scale require significant collaboration and effort from all parties to reach financial close. ANZ is proud to be part of this landmark renewable energy transaction. We extend our thanks to Buddle Findlay for their invaluable support throughout the process. A special mention to Meridian Energy for their role in supporting the transaction with a Power Purchase Agreement. Congratulations to Harmony Energy and First Renewables in achieving this important milestone.”
