Morrison today announced the acquisition of a 50 percent participating interest in the 420 MW Macarthur Wind Farm from AGL Energy Limited (AGL) for a purchase price of A$532 million.
The Macarthur Wind Farm is located in south-west Victoria. It was constructed by Vestas and Leighton Contractors utilising 140 Vestas V112, 3 MW turbines and was completed on 31 January 2013. It is the largest wind farm in the southern hemisphere.
As part of the transaction, Morrison & Co has entered into an agreement with AGL under which AGL will acquire all electricity and Renewable Energy Certificates (RECs) generated by the asset through to 2038.
“The Macarthur Wind Farm is a highly attractive investment, providing the stable contracted cash flows and inflation-protection that we seek from infrastructure assets,” said Paul Newfield, Morrison & Co’s Head of Investment Strategy.
“Morrison & Co has been investing in renewable energy since 1994, so this is a sector we know well,” he added. “Wind farms of the scale and quality of Macarthur are rare, and we’re very pleased to have completed the investment.”
The investment was funded by a combination of Morrison & Co managed equity and project finance debt provided by Australian and international banks.