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Origin sells NSW wind farm

Origin sells NSW wind farm

Kate Axup, Allens

Two global firms have advised on Energy Developments Pty Limited's acquisition of the Cullerin Range wind farm from Origin Energy.

Firms: Allens (Energy Developments Pty Limited); Herbert Smith Freehills (Origin Energy Limited)

Deal: Energy Developments Pty Limited purchased the Cullerin Range wind farm from Origin Energy Limited.

Value: $72 million

Area: M&A

Key players: The Allens team was led by partner Kate Axup (pictured), with assistance from partners Wendy Rae, Adrian Chek, Alan Maxton and Michael Graves, managing associates Michelle Bennett and Chris Patten, senior associate Emily Gerrard, and associates Danielle Jones and Lauren McInnes.

The Herbert Smith Freehills team was led by partner David Ryan and executive counsel Peter Davis.

Deal significance: Energy Developments Pty Limited (EDL) is an international provider of low greenhouse gas emissions energy and remote energy solutions.

EDL purchased of the 30MW Cullerin Range wind farm, which is located 35 kilometres west of Goulburn in NSW and has 15 2MW turbines, from Origin Energy Limited for $72 million.

EDL’s purchase of Cullerin is a strategic fit and complements its existing portfolio of distributed generation assets across NSW and the Australian Capital Territory, according to a release from Allens.

Under the terms of the transaction, Origin has entered into a long-term offtake agreement with Cullerin.

Allens lead partner Kate Axup said the project was a great one for the firm's renewables team.

"Working with the EDL team on the acquisition of Cullerin involved tight project management and a multi-disciplinary team able to provide advice across all legal due diligence areas, the sale agreement, tax implications and the Origin offtake arrangements," Ms Axup said.

"It is exciting to work with a business committed to growing in the mid-scale, grid connected renewable sector."

As part of its $800 million asset divestment program, Origin recently sold its Mortlake Gas Pipeline to the SEA Gas Mortlake partnership and the Mortlake Terminal Station to AusNet Transmission.

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