Australian power producer AGL Energy (AGL) has divested 50% stake in the 420MW Macarthur wind farm located in Victoria, Australia, to New Zealand based investment management firm H.R.L. Morrison & Co managed funds, for A$532m ($368.6m).
Constructed by Vestas and Leighton Contractors in south-west Victoria, the wind farm features 140 Vestas V112, 3 MW turbines.
Malakoff Corporation Berhad (Malakoff) owns the remaining 50% stake in the project, which is said to be the largest wind farm in the region.
The sale comes in line with AGL’s plan to divest A$1bn worth of assets by the end of fiscal 2017.
Morrison & Co Investment Strategy head Paul Newfield said: "The Macarthur Wind Farm is a highly attractive investment, providing the stable contracted cash flows and inflation-protection that we seek from infrastructure assets.
"Morrison & Co has been investing in renewable energy since 1994, so this is a sector we know well.
"Wind farms of the scale and quality of Macarthur are rare, and we’re very pleased to have completed the investment."
AGL will be responsible for operations and maintenance of the Macarthur wind power plant on behalf of Morrison & Co and Malakoff.
As part of the deal with Morrison & Co, AGL will also have the rights for electricity and renewable energy certificates generated by the project until 2038.
The project is expected to have 1,240GWh in contracted electricity output annually.
Image: The Macarthur wind farm features 140 Vestas V112, 3MW turbines. Photo: courtesy of AGL Energy.