New Zealand based investment management firm H.R.L. Morrison & Co has acquired 50% participating stake in the 420MW Macarthur Wind Farm from AGL Energy in a A$532m ($368.6m) deal.
Macarthur Wind Farm is located in south-west Victoria and was constructed by Vestas and Leighton Contractors.
The wind farm features 140 units of Vestas V112, 3 MW turbines and it is said to be the largest wind farm in the southern hemisphere.
The remaining 50% stake in the project is owned by Malakoff Corporation Berhad (Malakoff).
AGL will continue to operate and maintain the Macarthur Wind Farm on behalf of Morrison & Co and Malakoff.
It will purchase all electricity and renewable energy certificates generated by the project until 2038, under an agreement with Morrison & Co.
The project will provide close to 1,240GWh in contracted electricity output every year.
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 sold the Macarthur Wind Farm as part its target to divest A$1bn worth of assets by the end of fiscal 2017.
The sale of the project is expected to improve AGL’s capital efficiency while retaining its BBB credit rating.
Image: The wind farm comprises 140 units of Vestas V112, 3 MW turbines. Photo: courtesy of AGL Energy.