Infrastructure Capital Group (ICG) has announced that it has completed the acquisition of Bald Hills Wind Farm, a 106.6MW, 52 turbine wind farm located approximately 140 miles south east of Melbourne.
Bald Hills Wind Farm commenced operations in September 2015 and is backed by long-term contracts, including a 15-year Offtake Agreement with Alinta Energy until 2030. Under the agreement, Alinta buys the net energy produced at the site at an agreed amount and rate.
The wind farm was acquired from the developer of the project, Mitsui & Co (Australia) Ltd. It is Energy Infrastructure Trust’s first wind farm in Victoria and provides further diversification to the portfolio with renewable energy assets now located across three different states (Victoria, Western Australia and South Australia) backed by three different offtake providers.
Andrew Pickering, ICG Chairman and EIT Portfolio Manager commented:
“We are very pleased to acquire Bald Hills Wind Farm on behalf of EIT. With its 15-year offtake agreement, it complements EIT’s other winds farms which are also supported by long-term contracts”.
Craig Whalen, Executive Director at ICG also noted that:
“Operationally, there will be no change at the wind farm with all existing contracts remaining unaffected by the acquisition.”
Bald Hills joins other major wind farms owned by ICG, including Mumbida Wind Farm in Western Australia and Wattle Point and Hallett Wind Farms in South Australia, with long-term agreements with WA Water Corporation and AGL respectively. The acquisition cements ICG’s place as one of Australia’s largest owners of renewable generation, with a total installed capacity of 455MW across five wind farms under management, enough to power approximately 250,000 average Australian households annually.