September 24 (Renewables Now) - Australian private equity fund Federation Asset Management Pty Ltd has entered into an agreement to buy an 18.4% stake in renewables developer Windlab Ltd (ASX:WND).
The transaction will make Federation the largest shareholder in Windlab, which focuses on wind projects development in Australia, Southern Africa and North America.
“Federation intends to provide the support required to bring Windlab’s exciting stable of projects to fruition,” commented Stephen Panizza, head of Federation Renewable Energy. He told Reuters that the fund has paid AUD 10 million (USD 6.8m/EUR 6.2m) for the stake.
Canberra-based Windlab says it has over 1,000 MW of wind farm capacity in operation or under construction on three continents. It is also developing more than 7,500 MW globally.
A few weeks back, the company started a review of its strategic options in an attempt to close the gap between its stock price and the board’s view on the underlying value of its assets and operations. It is unclear whether the latest transaction is the result of that review.
(AUD 1.0 = USD 0.677/EUR 0.616)