CPE Renewable Infrastructure Unit Trust’s Acquisition of Barangaroo South Precinct

Maddocks has advised specialist renewable energy trust CPE Renewable Infrastructure Unit Trust (CPERI) on its acquisition of the Barangaroo South Precinct’s utility business from Lendlease, the developer of the Barangaroo South Precinct.

Under the deal, Lendlease agreed to divest the ownership and management of Barangaroo South Precinct’s District Energy Infrastructure to CPERI which is jointly owned by funds managed by Igneo Infrastructure Partners and embedded utilities operator, CleanPeak Energy. The District Energy Infrastructure includes 52MW of thermal energy assets, as well as an embedded electricity network and solar assets that supply the precinct in Sydney.

CPERI owns a portfolio of energy precincts in Australia including around 40 MW of commercial solar assets and 20 MWh of battery sites, along with a further 20 MWh under development. CleanPeak Energy will act as the operator of the Barangaroo energy infrastructure adding to its stable of assets that provides electricity, heating and cooling services to commercial and residential space in Sydney and Adelaide. 

CPE Renewable Infrastructure Unit Trust, managed by CleanPeak Energy, was established and seeded by Colonial First State Asset Management via its Wholesale Infrastructure Income Fund. The trust exclusively invests in assets developed or acquired by CleanPeak.

Barangaroo South Precinct with its world-class boutique stores, restaurants, waterfront living, open spaces and amenities is already an integral part of Sydney’s dynamic economic, cultural and social fabric. 

The Maddocks team was led by Corporate Partner Ron Smooker (Picture) and Energy Partner Peter Limbers along with support from Partner Alicia Albury, Special Counsel Richard Robinson, Special Counsel Vincent Tripodina, as well as Jacqueline Picone and Olivia Smedley.

Involved fees earner: Alicia Albury – Maddocks; Peter Limbers – Maddocks; Jacqueline Picone – Maddocks; Richard Robinson – Maddocks; Olivia Smedley – Maddocks; Ron Smooker – Maddocks; Vincent Tripodina – Maddocks;

Law Firms: Maddocks;

Clients: CPE Renewable Infrastructure Unit Trust ;

Sonia Carcano

Author: Sonia Carcano