Squire Patton Boggs has announced that it has advised RATCH – Australia on the project financing of its Kemerton and Townsville gas-fired power stations which came to a successful financial close on Thursday, 2 March 2023.
The two power stations, located at Kemerton, Western Australia and Townsville, Queensland have a total generation capacity of 552MW. They generate base load and firming electricity with low carbon dioxide emissions.
The $197 million non-recourse fully amortising credit facility was provided by an impressive lending syndicate comprising ING, MUFG, Société Générale, Standard Chartered Bank and SMBC.
Mr Polagorn Kheosiplard, Chief Executive Officer and Chief Financial Officer of RATCH-Australia, said, “The Kemerton and Townsville power stations support Australia’s transition to renewable energy and net zero. This successful financing helps RATCH-Australia to adapt and evolve these and other electricity generators in its portfolio to provide the energy and grid security required by the Australian decarbonising economy. We commend the Squire Patton Boggs team for their hard work and dedication which contributes to achieving the required outcome for the transaction.”
Squire Patton Boggs finance partner, Hai-Dang Nguyen added, “We would like to congratulate our long standing client, RATCH-Australia, on achieving another successful milestone for its growing investments in Australia. We are delighted and honoured to have played a part in this achievement”.
RATCH-Australia is an independent power producer in Australia and owns a growing portfolio of power generation assets with a capacity of more than 1.2GW. These consist of gas fired power and renewable energy generation, with assets located across the country. RATCH-Australia is wholly owned by RATCH Group Public Company Limited, listed on the Stock Exchange of Thailand with a market capitalisation of around US$4 billion.
Squire Patton Boggs, as deal counsel, played a key role in due diligence, structuring, documentation and execution. The core legal team comprised lead partner Hai-Dang Nguyen, who was supported by partners Tatiana Gotvig, Dannelle Howley, Campbell Davidson and Rebecca Heath, tax counsel Louise Boyce, director Eddy Goldsmith, senior associate Ben Chahoud, and associates Rachel Luo, Roman Petrovsky, Emma Connolly, Hamish Donovan, Marcus Edwards and Zayna Abu-Geras. They worked closely with RATCH-Australia’s financial adviser RBC Capital Markets. Other advisers include PwC advising on tax, JFA Financial Modelling advising on model audit, and Jacobs acting as technical adviser.