Clifford Chance

Clifford Chance has advised Photon Energy on the sale of its Yadnarie solar and energy storage project

Global law firm Clifford Chance has advised Photon Energy NV on the sale of 100% of its Yadnarie solar and energy storage project in South Australia, to AGL – a leading Australian energy company.

The landmark project, which utilises Australian company RayGen's Ultra and Thermal Hydro technology, provides AGL a two-stage development option comprising up to 150 megawatts (MW) of solar capacity, 90 MW of thermal energy capacity and 720 MWh (8-hours) of energy storage. It marks a key step in AGL’s strategy to add 12 gigawatts of renewable and firming capacity by 2035.

Reuben van Werkum, who led the deal for Clifford Chance, commented:

“We’re delighted to have advised Photon Energy on this groundbreaking project, which highlights the importance of long duration energy storage solutions as Australia transitions to reduced emissions targets through the uptake of renewable energy systems.”

He added:

“The Yadnarie project will involve large-scale commercialisation of RayGen’s technology, which uses mirrors to concentrate sunlight onto Australian-made solar modules and stores heat in water reservoirs for on-demand electricity dispatch. It is fantastic to be a part of such meaningful projects and to have the opportunity to work with clients like Photon Energy to support the emergence of exciting new homegrown energy storage technologies.”

Reuben was supported by associates Joshua Yan and Jacinta Wild.

This transaction underscores Clifford Chance’s market-leading expertise in the energy and infrastructure sectors, particularly in advising on complex and innovative renewable energy projects. The team also advised Photon Energy on its original investment into RayGen.