AGL and H.R.L. Morrison & Co managed funds have closed the deal for a sale price of A$532 million (US$368.6 million).
The net proceeds are equal to the book value of the asset and therefore no profit or loss on the sale will be recorded.
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. The other 50 percent interest is held by Malakoff Corporation Berhad (Malakoff).
AGL will continue to operate and maintain the Macarthur Wind Farm on behalf of Morrison & Co and Malakoff, and retains the rights to all Renewable Energy Certificates and electricity output until 2038.
AGL is positioning itself to deliver sustainable earnings growth against the backdrop of a transformation of the energy industry. The sale of the Macarthur Wind Farm is the first step toward AGL’s target of $1 billion in asset divestments by the end of FY17. The sale of this asset will improve the company’s capital efficiency while retaining its BBB credit rating.
AGL is Australia’s largest ASX listed owner, operator and developer of renewable energy generation with over over 1,900 MW of renewable capacity currently in operation or under development.