Renewable energy in Australia Funding and investment © McCullough Robertson Disclaimer This publication has been prepared for general Information contained in this publication information purposes only and should not be regarded as is current as at 16 June 2017. legal advice or other professional advice. Further advice All Rights Reserved. should be obtained before taking action on any issue dealt with in this publication. Renewable energy in Australia - Funding and investment About McCullough Robertson
McCullough Robertson is a leading • advising on the redevelopment of independent Australian law firm with the abandoned Kidston Gold Mine four offices across the country. For by Genex into a hydropower facility more than 90 years, major Australian for the northern Australian electricity and foreign owned corporations, market. The Kidston Project will financial institutions, governments, be the first in the world to use two private enterprises and high net worth disused mine pits for hydroelectric individuals have trusted our advice on power generation; their most critical legal challenges. • advising on all aspects of the Our whole-of-project approach ensures development and delivery of seamless legal services are on hand from Mackay Sugar Limited’s bagasse the project approval and development cogeneration facility at its mill in phase, through to project financing, Mackay, Queensland; operation and expansion. Our specialist • acting for Mackay Regional Council in lawyers bring expertise, experience and relation to a landfill gas management in-depth knowledge of the renewables and energy utilisation project at industry, having worked on solar, Hogan’s Pocket and Bayersville hydro, wind, biomass and geothermal landfill sites; renewable energy projects in Australia • acting for Ergon Energy to provide and overseas. advice for the geothermal power Key highlights of our experience include: station at Birdsville, Australia’s only • advising on the delivery of a solar commercial geothermal power power station at Alice Springs Airport plant; and in the Northern Territory • advising on market design and for Ingenero; competition law issues in this space. • advising various wind farm operators, We understand the opportunities energy utilities and banks on the and challenges facing those in the development of wind farms and on renewables sector and provide the regulation of the renewables and commercial, outcomes focused advice electricity industry; on the full range of issues confronting participants in this field. Note from the editors
The increasing global demand for It provides: energy presents both opportunities and • an overview of the current state of the challenges for Australia. Australia is well Australian renewable energy industry, known for its abundance of renewable its key players, trends and priority energy sources and has not fully areas for future development; capitalised on them to date. However, as renewable energy projects become more • an examination of the challenges and cost competitive, and local demand for opportunities in the renewable energy renewable energy soars, domestic policy industry; and is developing to help drive local and • an in-depth guide to navigating the international investment in renewable legal framework in Australia, including energy projects. potential legal hurdles that investors face or are likely to face when doing The Australian Renewable Energy Target business in the Australian renewable (RET), for example, is a federal mandate energy sector. to create a supportive environment for long-term investment in Australia’s We will step you through the funding renewable energy industry. The RET has opportunities, structuring and corporate set a target of 23.5% of Australia’s total considerations, national electricity power to come from renewable energy regulations and preferred project by 2020. delivery methods. The Renewable energy in Australia three While we cannot delve into every detail part series provides some insights into in this guide, please contact any of our the issues you will face, and how best experts should you have any specific to overcome them, in proceeding with queries – we would be more than happy a renewable energy development in to help. Australia. Renewable energy in Australia - Funding and investment
REN NIEMANN Partner Construction and Project Delivery Methods t +61 7 3233 8770 e [email protected]
LOUISE HORROCKS Partner Structuring and Corporate Advisory t +61 7 3233 8734 e [email protected]
ADRIAN SMITH Partner Funding and Corporate Advisory t +61 2 8241 5639 e [email protected]
JOHN KETTLE Partner Funding and Electricity Regulation t +61 7 3233 8962 e [email protected]
TIM HANMORE Partner Approvals and Planning t +61 7 3233 8955 e [email protected]
DAVID GILHAM Partner Funding and Project Finance t +61 2 8241 5611 e [email protected] Funding options Australian renewable energy projects have successfully acquired various forms of funding, including debt funding from domestic and foreign banks and non-bank lenders (such as mutual funds, insurance companies and pension funds), corporate financing and government funding. Participants in the renewable energy sector are increasingly considering new and innovative ways to facilitate investment in the growing renewables pipeline. Renewable energy in Australia - Funding and investment
All funding options should be For example, in the case of large wind carefully considered in the context and solar projects, debt and equity of the particular renewable energy providers will often require this revenue project, as different sources of to be generated from off-take contracts funding will attract various asset for the project’s output, such as PPAs. protection, ownership, tax and Under a PPA, the purchaser or off- compliance implications. taker (such as an electricity retailer) undertakes to pay for a set amount Project financing of electricity for a specified amount of time. This enables a forecast of cash Project financing has emerged flow based on expected output of a as a leading way to finance large generator, thereby reducing risk for the infrastructure projects, particularly debt or equity investor. PPAs also assist due to a greater minimisation of risk purchasers to hedge against volatility in compared to traditional corporate electricity rates and to secure long-term financing and greater flexibility in energy supply. allowing for a variety of taxation structuring opportunities. Power purchase agreements How project financing of a renewables There has been a recent uptake in project is treated for Australian tax the use of PPAs, resulting in part from purposes will largely depend on the electricity retailers using PPAs to obtain form the financing takes (i.e. debt Large-Scale Generation Certificates to or equity), how the investment is meet their RET obligations, as well as structured and the relationship between the decreasing cost for purchasers to the lenders and the borrower. Australia’s enter into PPAs. transfer pricing and thin capitalisation rules should be carefully considered For example, Origin Energy added when determining the mix of debt four separate PPAs to their PPA portfolio and equity funding when international in the first half of the 2016/17 financial investors are involved. year, increasing their total renewable energy supply capability under PPAs Participants in project financing to 375MW.45 will generally require contractual relationships with a secured projected revenue stream to ensure long-term viability of the project. Other electricity retailers that have Other factors that determine the recently signed PPAs for renewable bankability of a project include: energy include Ergon Energy, which • the type of project – and whether it signed a 100MW PPA in early 2017 for a involves proven or new technology; solar power project being built in central Queensland,46 and EnergyAustralia, • the experience and creditworthiness which announced in February 2017 its of counterparties and equity sponsors; second PPA in its $1.5 billion program • allocation of risks amongst the to acquire approximately 500MW of stakeholders (e.g. is there pass- renewable energy.47 through of change of law risk to the Organisations with high electricity counterparty under the PPA or off- consumption have also shown interest take agreement?); and in this area, including the Sydney • site assessment, including whether Metro Northwest Project, the City there are issues with development of Melbourne’s Renewable Energy approvals or issues from an Buying Group and the Queensland environmental liability perspective. Government.48 Despite these cash-flow opportunities, there are certain barriers to obtaining project financing, depending on the type of renewable energy project undertaken (e.g. the inability to obtain a PPA that sufficiently mitigates investment risks of debt and equity providers). Renewable energy in Australia - Funding and investment
Corporate financing As an alternative to project financing, • the Commonwealth Bank of Australia developers may seek corporate (CBA) offers specific funding financing. arrangements for larger projects Unlike project financing, the developer that meet CEFC requirements. carries the project on their balance These facilities also qualify for an sheet and takes the risk of financiers energy efficient pricing discount. claiming against the assets of the As at June 2016, CBA’s lending developer in a default situation. exposure to renewable electricity Corporate financing is generally generation was $2.2 billion, which available to creditworthy developers represents more than five times its with a significant asset base, given exposure to coal-related electricity that financiers may not be able to generation. Through its $200 million look to the cash flow of the project for co-financing partnership with the repayment. CEFC, CBA provides reduced-cost finance to Australian businesses and Other innovative products not-for-profits for the acquisition and installation of energy-efficient Certain banks have also launched and renewable energy assets.49 specific products to finance renewable energy projects and technologies: Funds are also being established to purchase renewable energy projects • in December 2014, the National from developers. The most significant (NAB) Australia Bank raised $300 of these is a fund developed by AGL in million in Australia’s first ever bank- partnership with QIC – the Powering issued climate bond. The ‘green bond’ Australian Renewables Fund (PARF). The was also the world’s first bank-issued fund is aiming to establish 1,000MW of bond to be certified in compliance large-scale renewable energy projects, with international Climate Bonds totalling $2-3 billion in investment.50 The Standards – a benchmark in ensuring PARF will either buy existing renewable that funds raised are being used for energy plants or fund new projects climate change solutions; by providing the necessary finance to • since 2015, NAB has also partnered developers subject to agreement that with the CEFC on a $120 million PARF will own and manage the project funding program that provides once finalised. Australian businesses with access to discounted financing for energy efficient and renewable energy upgrades; and Government funding The Federal Government has To oversee its operations, ARENA established funding programs has implemented a General Funding for renewable energy projects, Strategy and Investment Plan to predominantly through the CEFC and guide its investment choices towards ARENA. overcoming the early-mover The CEFC is legislated to invest a disadvantage that may exist in novel minimum of 50% of its eligible funds renewable technologies. into renewable energy technologies As such, ARENA’s risk profile is higher by 1 July 2018 with an investment than that of the CEFC and ARENA will mandate requiring it to invest at the more likely invest in early stage and demonstration, commercialisation less proven technologies. It should be and deployment stages of innovation. noted that any grant of funds may have Generally, the investment size will range a condition attached that if the project from $20 million to $200 million. becomes commercially viable (and The CEFC will assess applications generates a certain revenue) that the 52 with a commercial view and seek grant must be repaid to ARENA. stable investments that align with its Potential applicants should read the conservative risk profile. In this regard, various program guidelines for both applicants should keep in mind that funding programs to ensure that they the CEFC will act like any other equity are applying for the most suitable investor and not a distribution channel funding stream. Both organisations can for Government grants. The financial provide advice on suitability to apply terms will be tailored depending on the before an application is submitted. project. Those seeking finance through State Governments have also the CEFC should be aware of the full implemented their own renewable eligibility constraints before submitting energy funding initiatives, including: an application.51 • the South Australian Renewable ARENA, on the other hand, provides Technology Fund; funding grants with the goal of increasing the use of renewable • renewable energy reverse auctions in energy (in addition to debt and Queensland and the ACT; and equity financing). • the Queensland and Victorian Government issued green bonds to specifically finance environmentally friendly projects in those States. Renewable energy in Australia - Funding and investment
Private sector projects with Australian Government financing/funding
Nyngan Solar Plant in New South Wales, Macarthur Wind Farm, debt financed by jointly funded and delivered by the NSW the CEFC ($50m) with ANZ, NAB, ING Government ($64m), ARENA ($166m) and EKF. and AGL. Moranbah North Power Station Barcaldine Solar Farm in Queensland, Expansion, electricity generated from debt financed by the CEFC, funded by waste coal mine gas, CEFC secured grants from ARENA ($22.8m) and by corporate loan ($75m) with Energy Elecnor Australia Pty Ltd. Developments Pty Ltd.
Edify/Wirsol Energy Projects DeGrussa Solar Station, CEFC debt (Whitsunday, Hamilton and Gannawaara finance ($15m), ARENA funding Solar Farms), being Australia’s largest ($20.9m) with French energy company single solar financing deal, financed by Neoen. the CEFC ($77m), CBA and Germany’s Nord LB bank. Perth Wave Energy Project, first fully functioning commercial CETO array Portland Wind Energy, debt financed in the world, $20m loan from CEFC by the CEFC ($70m) alongside Pacific for technology development prior to Hydro. project commencement.
Taralga Wind Farm, debt financed by the Moree Solar Farm, ARENA funding CEFC ($37.5m) with ANZ Bank, Danish ($101m) with Moree Solar Farm Pty Ltd. creditor EKF, Santander and CBD Energy. Manildra Solar Farm, ARENA funding ($9.8m) with First Solar. Projects with financial commitment – to start construction in 201753 QLD NSW Longreach Solar Farm Three Projects: Dubbo, 1 Canadian Solar 9 Parkes and Griffi th $29M Investment 54 | 30 jobs Neoen $230M Investment | 250 jobs Oakey Solar Farm 2 Canadian Solar 10 Silverton Wind Farm $48M Investment 55 | 50 jobs Powering Australian Renewables Fund $460M Investment | 150 jobs Clare Solar Farm Sapphire 3 FRV 11 $190M Investment | 200 jobs Partners Group / CWP Renewables 8 | Lilyvale Solar Farm $350M Investment 200 jobs 3 4 7 FRV Crookwell 2 5 | 12 6 $400M Investment 200 jobs Union Fenosa $200M Investment | 80 jobs Sun Metals Solar Farm 1 4 5 Sun Metals P/L $155M Investment | 250 jobs SA Ross River Solar Farm 2 6 Tailem Bend ESCO Pacific 13 11 $225M Investment | 150 jobs Snowy Hydro 10 $200M Investment | 200 jobs Kennedy Energy Park 7 9 Windlab $120M Investment | 50 jobs 12 VIC Kidston Solar Farm 13 8 14 Mt Gellibrand – Stage 1 14 Genex ACCIONA $126M Investment | 100 jobs $140M Investment | 100 jobs
$2.87 BILLION TOTAL TOTAL INVESTMENT JOBS Renewable energy in Australia - Funding and investment
QLD NSW Longreach Solar Farm Three Projects: Dubbo, 1 Canadian Solar 9 Parkes and Griffi th $29M Investment 54 | 30 jobs Neoen $230M Investment | 250 jobs Oakey Solar Farm 2 Canadian Solar 10 Silverton Wind Farm $48M Investment 55 | 50 jobs Powering Australian Renewables Fund $460M Investment | 150 jobs Clare Solar Farm Sapphire 3 FRV 11 $190M Investment | 200 jobs Partners Group / CWP Renewables | Lilyvale Solar Farm $350M Investment 200 jobs 4 FRV Crookwell 2 12 $400M Investment | 200 jobs Union Fenosa $200M Investment | 80 jobs Sun Metals Solar Farm 5 Sun Metals P/L $155M Investment | 250 jobs SA Ross River Solar Farm 6 Tailem Bend ESCO Pacific 13 $225M Investment | 150 jobs Snowy Hydro $200M Investment | 200 jobs Kennedy Energy Park 7 Windlab $120M Investment | 50 jobs VIC Kidston Solar Farm 8 14 Mt Gellibrand – Stage 1 Genex ACCIONA $126M Investment | 100 jobs $140M Investment | 100 jobs
$2.87 BILLION TOTAL TOTAL INVESTMENT JOBS Business structuring and corporate governance Before undertaking any renewable energy project, it is important to consider an appropriate business structure and a corporate governance framework that best suits business needs. Renewable energy in Australia - Funding and investment Business structuring The choice of business structure and Corporate governance corporate governance framework will Corporate governance concerns the have significant implications affecting and corporate organisational framework of a company a business, including with respect to and the manner in which authority is taxation and liability. It is important to exercised and overseen by others. seek professional before deciding which governance structure to adopt. Corporate governance in Australia is an evolving area focussing on the composition and responsibilities of Business structures management (such as company One of the first things to consider when boards), executive remuneration, looking to carry out a renewable energy disclosure and reporting requirements, project is the appropriate business audit reform, shareholder participation structure. There are a variety of business and payment of dividends. structures, each with advantages and The Australian market has high disadvantages, and it is important for the expectations of corporate governance right business structure to be adopted compliance for businesses. Companies for the project. The choice of business and trusts in particular are subject to a structure will depend on a variety of large range of corporate governance factors, including the purpose, type and requirements and guidelines. These size of the project, tax liability, personal arise from various sources including liability and ability to raise capital. the Corporations Act, the ASX Listing Business structuring in Australia Rules, ASX Recommendations, is complex and highly regulated. prudential standards issued by Investors should be aware that some APRA for regulated financial and business structures are subject to superannuation institutions and other regular integrity or compliance reviews applicable industry standards. by the Federal Government, particularly Some of the most important by the Australian Tax Office (ATO). considerations for all businesses (regardless of the type and size of the business) when developing a good governance structure include creating and delegating clear lines of authority, establishing clear and consistent policies and procedures that align with commercial objectives and ensuring accountability and responsibility in decision making. Below sets out some of the business structures that can be adopted in Australia to carry out a renewable energy project:
Company A business may be conducted by a company in its own right. The company comes into existence as its own separate legal entity through the incorporation process under the Corporations Act. The Corporations Act also regulates a company’s operations and its officers. ASIC is the main body regulating companies and is responsible for, among other things, carrying out administrative functions under the Corporations Act.
Registered foreign company A foreign corporation may choose to conduct operations in Australia through a representative office, a branch or a subsidiary. The choice of structure will to a large extent be driven by tax considerations. Other factors which may influence the choice of structure include providing additional limited liability with respect to the foreign company’s operations in Australia. Renewable energy in Australia - Funding and investment
Joint venture (JV) Two or more individuals, trusts or corporations may carry on a business as a JV. Three common JV variations exist in Australia: • Incorporated JV – a separate legal entity is incorporated to pursue the interests of the joint venturers who are shareholders in a JV company; • Unit trust – the beneficial interest in the trust property is divided into units which can then be independently dealt with; and • Unincorporated JV – investors have a contractual association which lacks both corporate form and equity capital. The rights and liability of the respective joint venturers will depend upon the terms of the JV.
Partnership A partnership consists of 2 to 20 partners (except in the case of certain professional partnerships) carrying on a business in common with a view to profit. A partnership is not a separate legal entity and consequently, the partners share the profits and are jointly and separately liable for the obligations of the partnership. Partners can be individuals, trusts or companies. Each State and Territory has its own legislation which governs the partnership, together with the terms of any partnership agreement. Project delivery methods For any renewable energy project, consideration will need to be given to the appropriate project delivery model. Each project delivery model presents a unique set of challenges and tailored advice should be sought at the pre-tender/ feasibility stage to assess and select the best project delivery model to optimise project outcomes. Renewable energy in Australia - Funding and investment
Project delivery methods Compliance with procurement laws Project delivery In the international market, engineering, In Australia, the construction industry procurement, construction (EPC) and is heavily regulated in each State maintenance (EPCM) contracts are the and Territory, each with their own most commonly used delivery models legal regime. methods 86 for renewable energy projects. For example, to undertake a renewable Australia has followed suit in recent energy project in Queensland, energy projects, for example, EPC consideration and compliance with delivery models were used for the various legislative requirements development of Australia’s largest solar will be required, particularly the plants, the Nyngan Solar Plant and the Work Health and Safety Act 2011 Broken Hill Solar Plant.87 Six common (Qld), Queensland Building and project delivery methods are outlined Construction Commission Act 1991 on the following pages. (Qld), Subcontractors’ Charges Act 1974 (Qld), Building and Construction Industry Payments Act 2004 (Qld) and the Electrical Safety Act 2002 (Qld). Each of the other States and Territories have similar laws and compliance standards, however it is important to be aware of specific jurisdictional requirements when undertaking construction of a renewable energy project. To ensure compliance, professional advice should be sought. Six common project delivery methods
Construct only Design and Construct Engineer, Procure, In construct only delivery In design and construct Construct (EPC) and models, the principal delivery models, the Maintain (EPCM) engages a contractor contractor assumes the Under an EPC model, to build the project risk for the design and the principal engages a in compliance with a construction of the project contractor to design, build design that has already in accordance with the and deliver the asset in been completed by the required specifications. an operational state. EPC principal for the project. While the contractor contracts are suited for Construct only delivery will usually call on other large-scale projects where is most commonly used consultants to assist significant engineering by principals where with the project, there expertise is required. there is little value to is a single point of By contrast, an EPCM the principal for the accountability to contract is a consultancy contractor to be involved the principal. This or project management in the design process. delivery method agreement where the reduces the principal’s contractor is responsible risk and increases the for the detailed contractor’s risk. engineering and design for the project and project management services. The main difference with an EPC contract is that the EPCM contractor does not perform construction works and usually does not take full responsibility for care of the works or the delivery of the project by milestone dates. Renewable energy in Australia - Funding and investment
Alliances Public Private Partnership Build, Own, Operate and An alliancing model (PPP) Transfer (BOOT) requires all project PPP describes the Under a BOOT delivery participants to cooperate numerous relationships model, the contractor to create a mutually whereby the public sector retains ownership of the profitable environment enters into a long-term asset once construction is for all participants. The contract with the private completed and operates participants agree to sector. This is usually the asset to provide a share collectively in all risk achieved by the private service to the principal for and reward associated sector establishing a a nominated term. At the with the project. Alliancing special purpose vehicle conclusion of the term, models undermine the as the contracting title to the asset vests in traditional contractual entity, for the design, the principal (which is framework by removing construction, financing, the true BOOT position) legally enforceable operation and the or may remain with the contractual obligations maintenance associated contractor (being a ‘BOO’ between the project with infrastructure. arrangement). It is the participants. The structure PPPs are known for transfer of ownership, is particularly useful for delivering projects on operating and funding risk complex projects or time and within budget. to the contractor that is projects with an uncertain the main feature of BOOT or changing scope that is project delivery that difficult to price on a fixed sets it apart from usual price basis. design and construct arrangements. Glossary Definitions provided here are not comprehensive definitions and are only intended to assist the reader with the context of that term, which may be used in this guide.
ACCC Australian Competition and Consumer Commission ACCU Australian Carbon Credit Units ACL Australian Consumer Law AEMC Australian Energy Market Commission AEMO Australian Energy Market Operator AER Australian Energy Regulator ANZ Australia and New Zealand Banking Group APRA Australian Prudential Regulation Authority ARENA Australian Renewable Energy Agency ASIC Australian Securities and Investments Commission ASX Australian Securities Exchange BOOT Build, own, operate and transfer CBA Commonwealth Bank of Australia CCA Competition and Consumer Act 2010 (Cth) CEC Clean Energy Council CEFC Clean Energy Finance Corporation CEIF Clean Energy Innovation Fund Centre Critical Infrastructure Centre CER Clean Energy Regulator CET Clean Energy Target CETO Technological system to create electricity and desalinised water from ocean wave energy COAG Council of Australian Governments Corporations Act Corporations Act 2001 (Cth) DIBP Department of Immigration and Border Protection EKF Denmark’s Export Credit Agency EPC Engineer, procure and construct EPCM Engineer, procure, construct and maintain ERF Emissions Reduction Fund ESB Energy Security Board ESI Companies Early stage innovation companies Finkel Review Independent Review into the Future Security of the National Electricity Market delivered by a panel led by Dr Alan Finkel AO (9 June 2017) Renewable energy in Australia - Funding and investment
FIRB Foreign Investment Review Board GST Goods and Services Tax GWh Gigawatt hours ICS Integrated Cargo System ILUA Indigenous Land Use Agreement ITAA 97 Income Tax Assessment Act 1997 (Cth) JV Joint venture Kyoto Units Carbon equivalent emission units that are traded on international compliance markets established under the Kyoto Protocol LGCS Large-Scale Generation Certificates LNG Liquefied natural gas LOCE Lower levelised cost of electricity MIS Managed investment scheme MW Megawatt NAB National Australia Bank Native Title Act Native Title Act 1993 (Cth) NEG National Energy Guarantee NEL National Electricity Law NEM National Electricity Market NER National Electricity Rules NGO Non-governmental organisation PPA Power purchase agreement PPP Public private partnership PV Photovoltaic QIC Queensland Investment Corporation R&D Research and development RET Renewable Energy Target SDPWOA State Development Public Works and Organisation Act 1971 (Qld) SPA Sustainable Planning Act 2009 (Qld) SPV Special purpose vehicle STCS Small-Scale Technology Certificates TNSP Transmission Network Service Provider WEM Wholesale Electricity Market (in Western Australia) Key contacts
Projects Commercial and Regulatory
REN NIEMANN JOHN KETTLE Partner Partner t +61 7 3233 8770 t +61 7 3233 8962 e [email protected] e [email protected]
MICHAEL ROCHESTER PAUL MCLACHLAN Partner Partner t +61 7 3233 8643 t +61 2 8241 5606 e [email protected] e [email protected]
GORAN GELIC MELISSA HILL Senior Associate Special Counsel t +61 2 8241 5659 t +61 7 3233 8953 e [email protected] e [email protected]
CHRISTIAN BALDOCK Senior Associate t +61 2 8241 5613 e [email protected] Renewable energy in Australia - Funding and investment
Finance Planning and Environment
KRISTEN PODAGIEL STUART MACNAUGHTON Partner Partner t +61 7 3233 8757 t +61 7 3233 8869 e [email protected] e [email protected]
DAVID GILHAM TIM HANMORE Partner Partner t +61 2 8241 5611 t +61 7 3233 8955 e [email protected] e [email protected]
AMY TIN PATRICK HOLLAND Special Counsel Partner t +61 2 8241 5676 t +61 2 8241 5610 e [email protected] e [email protected]
Corporate
LOUISE HORROCKS Partner t +61 7 3233 8734 e [email protected]
ADRIAN SMITH Partner t +61 2 8241 5639 e [email protected] Tax, Stamp Duty and FIRB Native Title and Cultural Heritage
HAYDEN BENTLEY DOMINIC MCGANN Partner Partner t +61 7 3233 8579 t +61 7 3233 8838 e [email protected] e [email protected]
DUNCAN BEDFORD TIM HANMORE Partner Partner t +61 7 3233 8706 t +61 7 3233 8955 e [email protected] e [email protected]
TERESA DYSON LIAM DAVIS Special Counsel Senior Associate t +61 7 3233 8950 t +61 7 3233 8764 e [email protected] e [email protected]
Intellectual Property and Competition
ALEX HUTCHENS Partner t +61 2 8241 5609 e [email protected]
BELINDA BREAKSPEAR Partner t +61 7 3233 8968 e [email protected] Renewable energy in Australia - Funding and investment
Real Estate Employment Relations and Safety
IAN HAZZARD MICHAEL MOY Partner Partner t +61 7 3233 8976 t +61 7 3233 8720 e [email protected] e [email protected]
KRISTAN CONLON CAMERON DEAN Partner Partner t +61 7 3233 8848 t +61 7 3233 8619 e [email protected] e [email protected]
EVA VICIC Special Counsel t + 61 2 8241 5634 e [email protected]
TRENT THORNE Special Counsel t +61 7 3233 8544 e [email protected] Endnotes
1. Department of the Environment and Energy, The Renewable Energy 27. Australian Energy Market Operator, ‘National Gas Forecasting Report’ Target (RET) Scheme
54. Queensland Government, Solar 150: Queensland’s large-scale solar 76. Above n 22. investment program (Fact Sheet, 2016)