Middle East group eyes Aussie wind farm stake

25 January 2019 - 12:00 am UTC

Qatar’s Nebras Power is considering making a bid to acquire Malakoff Corp.’s 50% interest in the 420 MW Macarthur wind farm in Victoria, market sources told our sister publication SparkSpread. 

Malakoff has lined up Rothschild to advise on the sale, which has not yet launched, the sources said. 

New Zealand’s H.R.L. Morrison, which owns the other half of Macarthur, is also discussing a potential bid for Malakoff’s stake in the wind farm.

Other potential bidders are said to include Palisade Investment Partners and Infrastructure Capital Group, the sources noted. 

Officials at the companies declined comment or could not immediately be reached. 

The Macarthur wind farm has a long-dated power purchase agreement with AGL Energy. 

Palisade and ICG own wind farms with similar AGL offtakes, which could give them an advantage in the process, bankers said.

In 2013, Malakoff bought its half of the wind farm from New Zealand’s Meridian Energy for AUD 130m (USD 93m).

The project also carries AUD 502m of debt, which was refinanced in June.

In 2015, Morrison bought the second half of Macarthur from AGL Energy for AUD 532m.

Macarthur entered commercial operation in January 2013.

The wind farm is powered by 140 Vestas V112 turbines, each with a capacity of 3MW, and was constructed by Vestas and Australia’s Leighton Contractors.

 

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