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Half of wind farm sells for $532m

Half of wind farm sells for $532m

Kate Axup Allens

AGL has sold its 50 per cent participating interest in the southern hemisphere's largest wind farm.

Firms: Allens (AGL Energy Limited); Gilbert + Tobin (HRL Morrison & Co); Herbert Smith Freehills (NAB, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, ING Bank, Mizuho Bank)

Deal: AGL Energy Limited sold its 50 per cent participating interest in the Macarthur Wind Farm to HRL Morrison & Co.

Value: $532 million

Area: Banking & Finance

Key Players: The Allens team was led by partner Kate Axup, who was assisted by partners Michael Ryan, Michael Graves, Wendy Rae and Martin Fry. Herbert Smith Freehills was lead by partner Joel Rennie, supported by executive counsel Peter Davis, senior associate Amelia Fleming and solicitors Paul Marshall and Rachael Le Tessier.

Deal Significance: Australian integrated energy company AGL Energy Limited sold its 50 per cent participating interest in the Macarthur Wind Farm to investment management firm HRL Morrison & Co.

Project financing was secured by an international bank syndicate represented by HSF.

The Macarthur Wind Farm, located in south-west Victoria, is the largest wind farm in the southern hemisphere, according to a statement from HSF.

AGL Energy will continue to operate and maintain the wind farm for the new owners, and will retain the rights to all Renewable Energy Certificates and electricity output until 2038.

Mr Rennie from HSF said the deal showcased the appetite for renewable projects in Australia.

"The sale of a 50% stake in the largest wind farm in the southern hemisphere reflects a continuation of the strong support for Australian renewable energy projects recently demonstrated by the domestic and international investment community," he said.

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Half of wind farm sells for $532m
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