Australia-based power generator and retailer AGL Energy Limited has offloaded its 50% participating interest in the 420MW Macarthur Wind Farm to New Zealand specialist investment management firm H.R.L. Morrison & Co managed funds for A$532m ($368.4m).
Located in south-west Victoria, Macarthur Wind Farm is a joint venture between Malakoff Corporation Berhad and AGL.
Constructed by Vestas and Leighton Contractors, the wind farm was completed on 31 January 2013 using 140 Vestas V112 and 3MW turbines.
Under the terms of the deal, AGL will continue to operate and maintain the wind farm on behalf of Morrison & Co and Malakoff, apart from retaining the rights to all Renewable Energy Certificates and electricity output until 2038.
The company revealed that the move is part of AGL’s A$1bn asset divestment programme which is to be implemented by the end of fiscal 2017.
The deal is expected to improve the company’s capital efficiency while retaining its BBB credit rating.
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By GlobalDataIn a statement on its website, the company said: "AGL is positioning itself to deliver sustainable earnings growth against the backdrop of a transformation of the energy industry."
Currently, AGL has more than 1,900MW of renewable energy capacity in its range, comprising of hydroelectric plants, wind and solar parks.
In August this year, AGL booked a 62% drop in annual net profit after it wrote down the value of its gas production assets, according to Reuters.
The company has committed to sell energy from 100% renewable sources by 2050.
