Origin Energy Limited has entered into a sale share agreement with Energy Developments Pty Limited, a wholly owned subsidiary of DUET Group, for the sale of Cullerin Range Wind Farm Pty Ltd for a cash consideration of AUD$72 million (US$52 million).
Cullerin Range Wind Farm consists of 15 Senvion turbines with a total capacity of 30 MW. The wind farm can produce enough renewable energy to power approximately 14,000 households into the New South Wales market in Australia.
Under the terms of the transaction, Origin has entered into a long-term offtake agreement with Cullerin Range Wind Farm Pty Ltd.
The sale of Cullerin Range Wind Farm forms part of Origin’s AUD800 million (US$623 million) asset divestment program announced in September 2015. The sale is subject to standard conditions precedent. Upon completion of sale, the divestment program’s cumulative proceeds to date will total AUD468 million (US$365 million).