As per the agreed terms, EnergyAustralia will retain the remaining 25% stake in the operational wind farm, while offering asset management services to the wind power facility, under a long-term contract.
EnergyAustralia noted that the Waterloo wind farm employs around 37 units of Vestas V90-3.0MW wind turbines.
Commenting on the transaction, EnergyAustralia Business Development executive manager Ross Edwards said the acquisition of the wind farm will provide Palisade and Northleaf’s investors with long-term returns and a potential to further invest in renewable energy projects.
Meanwhile, EnergyAustralia will purchase energy and Large-scale Generation Certificates produced by the wind farm, under the Renewable Energy Target Scheme.
EnergyAustralia and Palisade have also inked a development partnership Memorandum of Understanding, which will allow the partners to collaborate on new renewable energy projects to meet the increasing demand over the future.
Palisade managing director Ian Mitchell said, "Palisade is looking forward to working alongside EnergyAustralia to continue the build out of our existing renewable energy and generation infrastructure portfolio in Australia."
