Herbert Smith Freehills

Leading global law firm Herbert Smith Freehills Kramer has advised London-listed South African mining group Petra Diamonds on its plan to refinance its debt, which will see the company extend its debt maturities through a voluntary consent solicitation process. The refinancing proposal involves extending Petra Diamonds' US$99 million revolving credit facility from January 2026 to December 2029 and extending the maturity of its US$228 million senior secured second lien notes from March 2026 to March 2030, alongside concurrent amendments to the notes, including the introduction of a "payment in cash or equity" mechanism. Petra Diamonds will also pursue a rights issue of approximately £18.8 million (US$25.1 million), fully underwritten and committed by certain existing shareholders. The Herbert Smith Freehills Kramer team was led by partners Mark Bardell, Gabrielle Wong, Sarah Ries-Coward, Kevin Pullen and Shaun Williamson, supported by senior associates Felipe Lima, Owen Roberts and Rory White-Andrews, and associates Robert Candeland, Shareka Logendran, Meenakshi Kurpad, Rhys Williams, Katerina Jovanovska, Bilal Ahmadzai, Jack Aynsley and Jhanelle Bisasor. Partner Mark Bardell commented: "We are pleased to have advised Petra Diamonds on its refinancing plan, a multi-faceted deal which showcases our cross-practice capabilities, drawing on our corporate, finance and restructuring offerings, and deep knowledge of the Mining sector." Petra Diamonds shareholders approved the resolutions for the refinancing plans and the rights issue at a special general meeting on 6 November.

Onshore wind energy projects, including those with battery energy storage system (BESS), face the highest average costs[1] for obtaining State significant development (SSD) consent in New South Wales (NSW) - up to $25 million, with some projects reaching up to $100 million, according to a new Herbert Smith Freehills Kramer (HSF Kramer) pulse survey.[2] State significant wind and solar energy projects can take up to 12 months on average to prepare and lodge a scoping report with the NSW Department of Planning, Housing and Infrastructure (DPHI)[3] to commence the formal assessment process. And, in the last five years, average approval timeframes in NSW add another 1,167 days for wind and 993 days for solar with BESS.[4] Industry says total costs to secure planning approvals are higher for most clean energy projects in NSW compared to other States and Territories. Two thirds (67%) identified assessment under the SSD planning framework–the primary approval pathway for major clean energy projects in NSW–as a greater source of delay compared to referral and approval under the Federal Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). The findings are part of HSF Kramer’s pulse survey on the NSW planning approval framework for clean energy projects. It included 67 representatives from nearly 40 organisations involved in delivering or financing clean energy projects–primarily solar, BESS and wind–across NSW, Australia and the globe. HSF Kramer senior environment, planning and communities’ partner, Peter Briggs, said: “Industry says lengthy processes, such as the time to prepare an environment impact statement or submit a development application, as well as independent assessment by the Independent Planning Commission and Court appeals, are the common causes of delay under the SSD pathway. “The NSW Government recently introduced a new Planning Systems Reforms bill[5] to address some of these challenges and streamline application and assessment processes in a positive step for the sector. However, our survey suggests more can be done to support faster delivery of critical clean energy projects,” Peter said. Broader use of Critical State Significant Infrastructure (CSSI) pathway or a dedicated fast-track approval pathway; simplification of Environmental Impact Statement (EIS) preparation; and raising the threshold for independent review are the top opportunities cited to reduce approval timeframes. “Greater use of the CSSI pathway for State significant clean energy projects is the number one reform backed by industry which would significantly reduce approval timelines. It also does not require legislative change to implement. “Projects are approved much faster under CSSI because the decision sits with the Minister and there is no trigger for Independent Planning Commission involvement and no merits appeal to the NSW Land and Environment Court, which together contribute to major delays.” Peter said. For projects assessed under the SSD pathway, industry (63%) are supportive of the role of the Independent Planning Commission (IPC) in determining certain project development applications, however, believe the threshold should be higher. “Anecdotal feedback suggests it is too easy to trigger an independent review via 50 individual public objections from anywhere in Australia or council objection, which adds months to the approval process. “To help reduce the number of projects referred to the IPC and speed up approvals, industry has suggested raising the public objections threshold, limiting local council objections and assessing the relevance and locality of a submission before the IPC can get involved,” Peter said. Over half (57%) were undecided on whether the proposed NSW Investment Delivery Authority (IDA) would help to speed up clean energy project delivery, despite 60% of respondents having estimated project development costs of over $1 billion. Industry are mostly neutral or positive about the impact of the renewable energy framework. Almost 90% do not believe the state’s renewable energy targets will be met.[6] “With almost 90% of respondents highly valuing certainty and speed when choosing where to invest or deliver clean energy projects, NSW has strong incentive to consider further reforms to support investment and its energy transition goals,” Peter added.

Leading global law firm Herbert Smith Freehills Kramer celebrates the 10th anniversary of the opening of its Johannesburg office, affirming a decade of sustained growth and commitment to the African legal market. Since opening its doors in November 2015, the Johannesburg office has grown significantly to a present-day team of 125 dedicated professionals with 51 lawyers, including nine partners. The latest to join were Corporate partner Ziyanda Ntshona, Projects, Energy and Infrastructure director Spencer Naicker and Corporate director Tebogo Moloko. The HSF Kramer Johannesburg practice offers expertise across multiple domains including Corporate, Competition, Corporate Crime and Investigations, Disputes, ESG, Projects, Energy and Infrastructure, Mining as well as Digital Legal Delivery. The firm's clients, including many Johannesburg Stock Exchange-listed companies, benefit from on-the-ground advice from the Johannesburg team and the firm's relationship law firms in Africa, alongside access to the firm’s Africa Practice comprising approximately 200 partners across its global network. Jean Meijer, Johannesburg Managing Partner at Herbert Smith Freehills Kramer, commented: “South Africa continues to play a critical role as a hub for international investment into Africa. While the market has faced challenges, it remains a jurisdiction with extraordinary resilience. In a relatively short time, our Johannesburg office has grown exponentially and I am proud of the progress we continue to make, expanding our teams with top talent and providing clients with best-in-class service." The Johannesburg office regularly advises on high profile innovative and cross-border matters, including: Absa, Nedbank, FirstRand, and Standard Bank, Afrexim and EAIF (represented by Ninety One) (the lenders), and the ECA, ECIC, on the Beitbridge Border Improvement Project in Zimbabwe. The lenders were a combination of South African commercial banks and DFIs, with support from the South African ECA, ECIC (Africa Project Finance Deal of the Year - IFLR Africa Awards 2021 - Beitbridge Border Post Modernisation Zimbabwe). Engie and G7 Renewable Energies in respect of the OYA Hybrid Renewable Energy project as part of the Risk Mitigation IPP Procurement Programme. The project is for a hybrid renewable energy project that is comprised of wind, solar and BESS and is fully centrally dispatched, creating a quasi-baseload power solution out of renewable energy. Engie Southern Africa, Scatec Solar Africa, Total Energies Hydra Storage & EDF Renewables Investment in High Court proceedings launched by a local solar photovoltaic systems manufacturer (ArtSolar) against all of the major Independent Power Producers (IPPs) who were successful bidders for the development and construction of solar power plants in the Risk Mitigation IPP Procurement Programme and the Renewable Energy IPP Procurement Programme, Bid Windows 5 and 6. Exxaro on its Black Economic Empowerment Transaction and maintaining Eyesizwe (RF) Proprietary Limited's 30.81% shareholding in Exxaro until 2027. MultiChoice and the BEE investors in respect of the mandatory public takeover offer made by Canal+ to acquire the shares in MultiChoice that were not held by Canal+ (DealMakersSA 2024 Deal of the Year). South32 in relation to an earn-in agreement and strategic alliance with Noronex to accelerate copper exploration in Namibia. Standard Bank, Standard New York Securities, Standard Americas and certain HSBC entities in defence of a complaint by the Competition Commission of South Africa, in which it is alleged that a number of local and international banks engaged in price fixing and market division in foreign exchange trading involving the USD/ZAR pair. The matter has been litigated in various fora since 2017 and was most recently heard by the Constitutional Court in August 2025.