Clean Energy Finance Corporation invests $75 million
Global law firm Herbert Smith Freehills advised Clean Energy Finance Corporation on a $75 million equity investment.
OK: The Clean Energy Finance Corporation (CEFC) has taken a stake in the Macquarie Pastoral Fund.
Assess: $75 million
Key players: The Herbert Smith Freehills team consisted of his partner Fiona Smedley and special counsel Yorick Ng.
Significance of agreement: According to a statement provided by Herbert Smith Freehills, this equity investment commitment was made with Macquarie-owned Paraway Pastoral Company (Paraway). The commitment aims to reduce methane intensity in the agricultural sector by at least 30% by 2030.
“CEFC intends that Paraway, as manager of the fund, will use CEFC’s investment to test new technologies and practices to reduce emissions, and progress will be shared with other industry stakeholders. “, added the statement of the company.
Commenting further on the back of the deal, Herbert Smith Freehills partner Fiona Smedley said: “We are proud to continue to support CEFC in carrying out its important clean energy investment work, this time in the agricultural sector, a sector that contributes a significant proportion of Australia’s emissions.
“This investment adds to the growing pool of institutional investments we are seeing that are driving innovation and leadership in sustainable and energy-efficient practices.”
Special Counsel Yorick Ng added, “Congratulations to CEFC on this important foundational investment in the Macquarie Pastoral Fund and for working with Paraway.
“Reducing emissions in the agricultural sector is more challenging than in other sectors, and we salute CEFC’s continued leadership in this investment space.”