Herbert Smith Freehills advises on second stage of Canberra Metro Light Rail Project

Herbert Smith Freehills (HSF) has recently advised sponsors to the Canberra Metro consortium (Canberra Metro) on the design, construction, financing, operation and maintenance of Stage 2A of the Canberra Metro Light Rail project. The new stage is an augmentation of the existing public private partnership transaction, extending the light rail network from the City to Commonwealth Park with new stops at Edinburgh Avenue, City South and Commonwealth Park.

HSF also advised on the refinancing of Stage 1 of the project, with the financing for Stage 1 and Stage 2A being a green loan which achieved certification under the Climate Bond Initiative under the Low Carbon Transport Criteria.

Canberra Metro was advised by the Projects, Energy and Infrastructure, and Finance teams, led by partners Andrew Griffiths and Erin Wakelin. Senior Associates, Gabby Herron-Cartwright, Nicholas Gerovasilis, Laura Ferraro and Jason Feng also supported the project.

Projects partner, Andrew Griffiths said: “It was a pleasure to advise Canberra Metro on Stage 2A of their Light Rail project. The second stage will enable local Canberrans and visitors to the nation’s capital to more conveniently access the heart of Canberra.”

“The project maintains central Canberra’s look and feel with wire free running. It also builds on the light rail system’s existing green credentials with ‘green track innovation’ and continuation of running on 100% renewable electricity to support the ACT’s net zero emissions targets,” Mr Griffiths said.

Finance partner, Erin Wakelin said: “This project is a great example of how seamlessly Hebert Smith Freehills practice groups can work together to support its clients’ needs.”

“Stage 1 was the first operational infrastructure project in Australia to be refinanced using a green loan in 2020, and it is a highlight to see the Climate Bond Initiative certification maintained for Stage 1 and for Stage 2A to be funded by a green loan from the outset,” Ms Wakelin said.

This deal is the latest example of HSF’s market-leading work in Projects, Energy and Infrastructure. Other recent examples include the firm advising:

• Energy Co in relation to the Central West Orana and New England Renewable Energy Zones transmission networks, the first time the NSW Government has competitively procured a new transmission network.
• bidders for a variety of Sydney Metro West core packages and integrated station developments.
• various bidders for significant recent PPPs including Victorian social PPPs, Sydney Metro - Western Sydney Airport: SSTOM Package and North East Link.
• a bidder for the A$15.4bn Torrens to Darlington alliance project, a 10.5km road with 2.3km of twin, 3 lane tunnels.