Aussie PE fund offers to buy 100% of Windlab

Kennedy project. Source: Windlab (www.kennedyenergypark.com.au).

January 20 (Renewables Now) - Federation Asset Management Holdings Pty Ltd has made a bid to acquire all shares it does not own in Australian wind farm development and management firm Windlab Ltd (ASX:WND).

The Sydney-based private equity fund, which says its goal is to become the Asia-Pacific’s leading renewables investor, has launched a non-binding and indicative proposal to acquire all remaining shares in Windlab at AUD 1 (USD 0.687/EUR 0.620) per share in cash. This price is a 38.9% premium to the closing price of the target’s stock on January 17, it said in a bourse filing on Monday.

The directors of Windlab will recommend that shareholders approve the offer, which will be implemented via a scheme of arrangements.

The offer comes just a few months after Federation Asset Management bought an 18.7% stake in the renewables developer, becoming its largest shareholder. It was launched after an initial due diligence process that follows Windlab’s strategic review of its operations and is subject to a range of conditions. Among these is the completion of a confirmatory due diligence assessment, due by February 21, and approval from Windlab’s shareholders. Court approval will also be required.

According to its website, Canberra-based Windlab has over 1,000 MW of wind farm capacity in operation or under construction in Australia and New Zealand, Africa and North America. It is also developing about 7,750 MW globally.

(AUD 1.0 = USD 0.687/EUR 0.620)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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