Corrs advises ACEREZ on landmark energy project

In a significant development for Australia’s energy landscape, Corrs Chambers Westgarth has provided essential legal counsel to ACEREZ—a partnership comprised of ACCIONA, COBRA, and Endeavour Energy—on the contractual and financial close of the Central-West Orana Renewable Energy Zone (REZ). This pioneering project marks the first renewable energy zone in the country, aiming to provide affordable, reliable, and clean energy to both homes and businesses.

The Central-West Orana REZ has now reached a critical milestone, confirming its status as one of the most innovative infrastructure projects in Australia. As a key component of the New South Wales Government’s Electricity Infrastructure Roadmap, this initiative is designed to function similarly to a modern power station. It integrates renewable energy sources, including solar and wind, along with storage solutions such as batteries and pumped hydro, alongside advanced high-voltage transmission infrastructure.

Expected to reduce electricity costs, the Central-West Orana REZ is also projected to unlock over A$20 billion in new private investment. Plans for similar renewable energy zones are already underway across New South Wales, Victoria, and Queensland, showcasing the growing commitment to sustainable energy infrastructure in Australia.

Leading the project from Corrs, partner Airlie Fox stated “We’re proud to have advised ACEREZ on this globally significant transaction, which marks a major step toward delivering Australia’s first renewable energy zone in the Central-West Orana and supporting a more sustainable energy future for New South Wales.” The firm took a unique approach by representing both the sponsors and each contractor in this public-private partnership (PPP) project.

Corrs played a pivotal role in the project financing arrangements, which included a comprehensive debt package and funding from the Clean Energy Finance Corporation. Partner Rommel Harding-Farrenberg managed these critical components, while partners Paul Brickley and Melanie Bond led teams focused on the design, construction, maintenance, and lifecycle aspects of the project.

Airlie Fox further emphasised the collaborative effort within Corrs, remarking “This milestone reflects the strength of Corrs’ cross-practice collaboration, and we’re pleased to have played a role in bringing it to life.” The successful closure of the Central-West Orana REZ signifies a substantial advance in Australia’s renewable energy ambitions and its shift towards a more sustainable energy future.