EnergyAustralia has agreed to sell its remaining 25 per cent equity interest in the 111 MW Waterloo Wind Farm, and the development rights to the Waterloo expansion project, to Palisade Investment Partners and Northleaf Capital Partners.
Palisade Investment Partners and Northleaf Capital Partners acquired a 75 per cent share of the wind farm in May 2013.
Under the terms of the sale agreement, EnergyAustralia will continue to operate the wind farm and provide asset management services including engagement with the local community and key stakeholders.
The Waterloo wind farm is based East of Mintaro, South Australia. The 111 MW wind farm spreads across 5 acres of land and cost about $350 million, it began construction in November 2008 and has been operational since October 2010. The wind farm has 37 turbines, each 80 metres high, with each turbine blade 44 metres long and weighing about 8 tonnes.
EnergyAustralia’s Acting General Manager - Business Development, Cameron Garnsworthy, said EnergyAustralia was pleased to continue as the wind farm’s operator. He stated:
“There will be no change to existing operations. EnergyAustralia employees will continue operating the wind farm and upholding our rigorous approach to safety and compliance. EnergyAustralia is committed to maintaining strong relations with the Mid North community. Through our Community Liaison Group we will continue to share information about wind farm operations and consult with stakeholders on issues of local importance.”
“EnergyAustralia will continue to buy 50 per cent of all clean energy generated by the wind farm through a long term Power Purchase Agreement (PPA).”
By committing to PPAs with several other Australian wind farms, EnergyAustralia has underpinned approximately 17 per cent of all large scale wind projects in the National Electricity Market, equating to over $1 billion worth of renewable energy investment.
Jamie Storrow, Managing Director and Co-Head of Northleaf Capital Partners’ infrastructure investment program, said the additional investment in Waterloo Wind Farm was desirable. He commented:
“Our investment experience with Waterloo Wind Farm has been positive and increasing Northleaf’s ownership stake is a good outcome for our investors.”
Daniel Roberts, Investment Director at Palisade Investment Partners said re-investing in Waterloo Wind Farm represents another exciting opportunity for investors. He added:
“Waterloo Wind Farm has performed well since acquisition and continues to provide stable, long-term returns to investors. Through the acquisition, investors maintain the benefit of the relationship with EnergyAustralia while increasing their exposure to a high performing asset.”
We have recently reported that 71 MW Hallett Hill 2 wind farm had launched a A$205 million issue in the US Private Placement (USPP) market. Hallett Hill is a 71 MW, 34 turbine, wind farm located in mid?north South Australia near the township of Mt Bryan. The wind farm has been operational since 2009.