John Laing preps Australia renewables sale

17 December 2019 - 12:00 am UTC

John Laing is running a beauty parade of investment banks as it prepares to sell its Australian renewables portfolio, according to multiple sources.

The company has shortlisted two banks and is expected to pick one to advise on the sale before Christmas, said one of the sources. 

The chosen adviser will conduct a strategic review looking at whether John Laing should sell all six of its Australian projects or only some of them. 

Justin Bailey, Managing Director of John Laing Asia Pacific, declined comment.

UK-based John Laing acquired a number of renewable projects in quick succession between 2017 and the end of 2018. Some have since had struggled with grid connections, EPC contractors and other technical issues. But the portfolio also includes some older wind projects, which are performing well.

Earlier, more successful John Laing Australian projects include: 

– 30% of all three phases of the 315 MW Hornsdale wind farm in South Australia, which are underpinned by long-term Australian Capital Territory power purchase agreements.

– 72.3% of the the Kiata wind farm in Victoria for which John Laing paid AUD 32.6m in late 2016. It has which has a 10-year offtake with the Victorian government buying large-scale generation certificates (LGCs). LGCs are tradeable carbon offset certificates.

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