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Thai-owned company acquires Queensland wind farm

Thai-owned company acquires Queensland wind farm

Two firms have advised on the acquisition of a $360 million wind farm project located on Mount Emerald, north Queensland.

Firms: Mills Oakley (Ratch Australia); Port Bajool in-house team (Port Bajool)

Deal: Ratch Australia has acquired Port Bajool’s 50 per cent stake in a Mount Emerald wind farm, meaning Ratch now holds 100 per cent equity in the project.

Value: Undisclosed

Area: M&A

Key players: The team advising Ratch was led by Mills Oakley partner Luke Westmore, with assistance from special counsel Nicole Tumiati and senior associate Nile Rodman.

Deal significance: Located in north Queensland, the Mount Emerald wind farm is a $360 million project backed by the state and federal governments.

Thai-owned energy producer Ratch Australia and local developer Port Bajool each had a 50 per cent stake in the Mount Emerald wind farm, however the new acquisition will see Ratch hold 100 per cent equity in the project.

The project will enter its construction phase later this year and will be completed within two years, incorporating up to 53 turbines capable of generating enough electricity to power 75,000 homes each year.

“We are delighted to have advised Ratch on the acquisition of 100 per cent of the Mount Emerald wind farm project and we look forward to working with Ratch on the financing of this landmark renewable energy project, which, once constructed, will be the largest renewable energy project in Queensland,” said Mr Westmore.

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