Russell McVeagh has been recognised for a second year as a leading firm advising on climate change, governance and sustainability issues in the latest Legal 500 Green Guide Asia-Pacific 2024 and highlighted as a "stand out" firm for its case work in the hydrogen and green bond spaces.
The firm's multi-disciplinary team's significant expertise in sustainability-linked and proceeds-based green borrowing and climate change related projects, including clean energy and carbon sink projects, was recognised by the Guide, as well as Russell McVeagh's own internal initiatives supporting the firm's contribution to Green Change and ESG.
Sustainable Financing
With significant expertise in sustainability-linked and proceeds-based green borrowing, the team work on cross-border transactions and offshore funding programmes for large corporate borrowers and banks, and are widely regarded as market leaders in the issue of green or sustainability-linked loans and bonds. Recent examples of the firm's work include:
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ASB Bank and Trevelyan's NZ$65 million Sustainability Linked Loans (SLLs) partnership – one of the first bilateral SLLs for ASB Bank. Led by partner John Powell (Banking and Finance). Read more here;
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Kathmandu's (KMD Brands Limited) NZ$310m sustainability linked debt refinance, representing KMD's second Sustainability Linked Loan (SLL) and first Sustainability Linked Guarantee (SLG). Led by partner John Powell (Banking and Finance);
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Genesis Energy's issuance of its $285 million 30-year unsecured, subordinated, NZX listed green capital bonds. Led by partner Jesse Fairley (Banking and Finance);
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T&G Global's inaugural NZ$180 million sustainability linked loan. Led by partner John Powell (Banking and Finance); and
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Goodman Property Trust's inaugural NZ$150 million green bonds. Led by partner Deemple Budhia (Banking and Finance). Read more here.
Sustainability and Climate Change Related Projects
The firm's climate change related projects include clean energy and carbon sink projects, and transactions involving the Emissions Trading Scheme. Recent examples of the firm's work include advising:
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Harmony Energy on its joint venture with First Renewables to develop and own the Tauhei Solar Farm, a proposed 150 MWac solar project. Led by partner Michael Loan (Corporate Advisory);
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Genesis Energy and FRV Australia on the development and project financing of the 63 MW Lauriston solar farm (the largest solar farm in NZ to reach financial close). Led by partners Ben Paterson (Corporate Advisory), Jesse Fairley (Banking and Finance), Bevan Peachy (Banking and Finance), and Michael Loan (Corporate Advisory). Read more here;
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Meridian Energy on its proposed Southern Green Hydrogen project, a significant and pioneering project in New Zealand to develop one of the largest hydrogen facilities in the world. Led by partner Michael Loan (Corporate Advisory);
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Infratec on the development of a solar farm for Eastland Energy and a portfolio of five solar farms for Lodestone Energy. Led by partner Mei Fern Johnson (Corporate Advisory);
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Genesis Energy on its establishment of a joint venture to develop solar farms. Led by partner Ben Paterson (Corporate Advisory);
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Meridian Energy on its Harapaki wind farm project. Led by partners Ed Crook (Real Estate and Construction) and Daniel Minhinnick (ENPR). Read more here;
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WEL Networks on the development of a 35MW battery energy storage system – NZ's first utility scale battery energy storage system. Led by partner Mei Fern Johnson (Corporate Advisory); and
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WEL Networks on its investment in Infratec (including recapitalisation), and the establishment of a New Zealand presence for holders of New Zealand emission units. Led by partner Mei Fern Johnson (Corporate Advisory).
In 2023, the firm extended its expertise in the fast moving area of climate change with the introduction of an innovative alliance with climate change advisory firm, Te Whakahaere, led by Russell McVeagh Special Counsel and Head of Climate Change Hannah Bain. The alliance is focused on providing clients with integrated climate and legal advice, supporting their navigation towards a low-emissions future.
The Legal 500 Green Guide recognises top law firms making a contribution to Green Change, ESG, and their own internal sustainability initiatives. In 2023, Russell McVeagh published its 2023 ESG Overview which aims to capture and share the firm's progress around helping to shape a sustainable and thriving Aotearoa New Zealand. Russell McVeagh has also received Toitū net carbonzero certification during the period.
Read more about the Legal 500 Asia Pacific Green Guide here.