“One of the reasons why the bank was interested in this transaction was that this gives it access to a supply of ACCUs, which it will then be able to use with its institutional banking clients, or for its own ESG purposes,” she says. Recruitment Consultant 3 Sign up for job alerts Get new jobs for this search by email. A320 Captain 2 B777 Pilot 1 Recruiter Type. This allowed the groups to rear cattle in Western Australia using sustainable farming practices, while also rewilding other parts of the land, generating carbon credits to be repaid to the bank, says Ilona Millar, partner at Gilbert + Tobin in Sydney. 3 jobs to view and apply for now with FlightJobs. The bank’s prepayment of Australian carbon credit units (ACCUs) unlocks funds that two groups - Forever Wild, an ecological and social enterprise, and Corporate Carbon, an emissions-abatement venture - can use to buy the land more easily, under a pastoral lease, than if they had tried to obtain standard debt financing for such a purpose. The law firm advised Commonwealth Bank of Australia on a financial structure under which the bank has prepaid A$1.7mn ($1.1mn) for carbon credits that will be generated by an agricultural rewilding project in Western Australia. Satisfying different priorities was also central to work by Gilbert + Tobin. It embeds the First Nations concept of cultural governance “that has developed over 60,000 years” into a company framework, explains Cox - for example, including membership requirements linked to ancestral family clans. The new governance structure was designed by community members with KWM’s support. We’d been listening to and led by community members for some time to help work out how services could be delivered differently “So, if the governments were to suddenly say ‘we are scrapping you’, they would end up in arbitration.” “A lot of these plants were built with robust contracts, so lenders and sponsors have pretty strong contractual frameworks in place,” Yeap explains. Structuring the ETM, to be implemented over several years, involved balancing various stakeholder interests. The second fund will bring together investors and lenders focused on renewable energy projects. The first will pool funding from philanthropic and impact investors willing to provide debt more cheaply than normal market rates, to reduce the coal plants’ debt service costs - allowing the plants’ owners to repay the debt more quickly, in compensation for retiring their plants early.
Yeap and his team helped design and pilot the ETM through the creation of two funds. Plans were agreed in November for the early retirement of coal-fired plants in south-east Asia, starting with Cirebon-1, a 660-megawatt plant in West Java, Indonesia. The firm was part of a consortium of advisers, including consultants at accountancy firm KPMG and engineering consultancy Mott MacDonald, that advised the Asian Development Bank on a funding vehicle known as an energy transition mechanism (ETM).
0 kommentar(er)
