Buddle Findlay is very pleased to have supported Kōwhai Park P LP, a limited partnership established by Lightsource bp and Contact Energy, on the development and project financing of the 168MW Kōwhai Park solar farm project, which achieved financial close on Friday 15 August 2024.
The Buddle Findlay team, led by Daniel Collins, with support from Peter Owles, Vanessa Evitt, Paul Appleyard, Mathew Gribben and Ed McGimpsey, provided New Zealand support to King & Wood Mallesons and the Lightsource bp and Contact Energy teams on all New Zealand development, construction and project financing aspects of this project. This follows on from Buddle Findlay's regulatory team, led by Susie Kilty and Hannah Lee, securing the required consent under New Zealand's complex overseas investment regime.
The solar farm is being developed on land adjacent to Christchurch Airport as the first phase of Christchurch Airport's renewable energy precinct, Kōwhai Park. The project, when complete, is expected to generate over 275GWh per year – equivalent to the annual demand of approximately 36,000 homes.
The c. NZ$267m debt financing package for the project is being provided by China Construction Bank, Intesa Sanpaolo – IMICIB, Mizuho and Westpac New Zealand.
Daniel Collins commented: "We are delighted to have supported the Kōwhai Park project team on this brilliant project. Well done to all involved – in particular Will Sellars and the team at Lightsource bp, David McGuire and the team at Contact Energy and, finally, Rod Smythe, Morgan Clune and the wider King & Wood Mallesons team – it was a pleasure to work alongside you all on this great project."
Will Sellars, Associate General Counsel at Lightsource bp, commented: "Kōwhai Park marks a significant milestone as our first project in New Zealand to reach this stage. We're proud to have established a strong partnership with Contact and Christchurch Airport, contributing to New Zealand’s journey towards decarbonisation. We also greatly appreciate the expert legal support from Buddle Findlay, which has been invaluable in helping us reach this point."
