Thomson Geer advises on A$70 million investment in Australian renewables by international fund

October 27, 2023

Thomson Geer has advised APAC Sustainable Infrastructure Fund (A-SIF) on its investment of up to A$70 million in a major solar and battery development program in Australia.

A-SIF, an infrastructure fund managed by PATRIZIA MBK Fund Management, a joint venture between global real assets investment firm PATRIZIA and Mitsui & Co, one of the world's largest trading and investment companies, will acquire an interest in YES Group, a renewable energy company based in South Australia.

YES Group is developing a portfolio of predominantly small-scale solar PV generation and battery energy storage solutions throughout regional Australia. The portfolio will have the potential to deliver over 150MW of capacity once fully operational.

The Thomson Geer team was led by Partner Jason Marcus, who said: "Decarbonisation and renewable energy are significant business opportunities as Australia moves to reduce carbon emissions. We're pleased to work with PATRIZIA and Mitsui on their investment that will help drive Australia's renewables sector."

Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, said in a statement: "As a thoughtful and strategic investor for our clients, this first deal for A-SIF demonstrates our strong conviction to energy transition and the attractive long-term returns renewables can generate for our institutional investors. Our vision in APAC for both PATRIZIA’s real assets platform and our flagship mid-market fund is to collaborate with like-minded investors and regional partners to build a portfolio of infrastructure assets that deliver positive sustainable outcomes.”

Thomson Geer's work included due diligence, establishing the Australian corporate structure for the project, Foreign Investment and Review Board (FIRB) advice, drafting and negotiation of transaction documents to final form, and attending to completion.

Jason was assisted by Associate David Thomas and Lawyer Richard Gamayunov. Special Counsel Helen Jin provided FIRB advice, Partner Chris Kelly advised on property matters, Partner Josh Marchant and Senior Associate Michael Marigliani advised on energy matters, Partner George Hodson on tax and Partner Paul Ronfeldt and Special Counsel Emma Goodwin on employment.

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