Australia's AGL sells 50% in 420-MW Macarthur wind farm
Vestas turbines at the 420-MW Macarthur wind farm in Australia. Courtesy of Vestas Wind Systems A/S
Australian power producer AGL Energy (ASX:AGK) said on Monday it has divested its 50% stake in the 420-MW Macarthur wind farm in Victoria state for AUD 532 million (USD 369m/EUR 331m).
The company sold its interest in the Macarthur wind farm joint venture to HRL Morrison & Co managed funds, raising net proceeds equal to the book value of the asset, it said. The other half of the JV continues to be held by Malakoff Corp Bhd.
AGL pointed out that this sale is the first one as part of a AUD-1-billion asset divestment programme that would be implemented by the end of fiscal 2017. At present, the company has over 1,900 MW of renewable energy capacity in its portfolio, including hydroelectric plants, wind and solar parks.
The Macarthur wind farm was built by Vestas and Leighton Contractors and uses 140 pieces of the 3-MW V112 turbines. The plant was completed on January 31, 2013.
AGL will continue to operate and maintain the facility following the sale of the stake and will even retain the rights to all renewable energy certificates (RECs) and generated electricity until 2038, it noted.