New Zealand headquartered infrastructure investment managers, Morrison & Co, has acquired a 50 per cent interest in Victoria's Macarthur Wind Farm.
Located in south-west Victoria, the Macarthur Wind Farm features 140 3MW Vestas V112 turbines and is the largest wind farm in the southern hemisphere. The interest was acquired from the Australian integrated energy company, AGL Energy for a purchase price of A$352 million.
The other 50 percent interest is held by Malaysian power company Malakoff Corporation (Malakoff).
As part of the transaction, AGL will continue to operate and maintain the Macarthur Wind Farm on behalf of Morrison & Co and Malakoff, and retains the rights to all Renewable Energy Certificates and electricity output until 2038.
Morrison & Co's head of investment strategy, Paul Newfield said, "Morrison & Co has been investing in renewable energy since 1994, so this is a sector we know well. Wind farms of the scale and quality of Macarthur are rare, and we're very pleased to have completed the investment."
AGL is Australia's largest operator and developer of renewable energy generation with over 1.9 gigawatts of renewable capacity currently in operation or under development.
Key renewable energy investment announcements from the Victorian Government and the Australian Government have opened the door to increased investment opportunities in Victoria's renewable energy sector.
The Victorian Government has announced a Government purchasing tender for new renewable energy projects in Victoria via the Renewable Energy Roadmap– which will invest around A$200 million in new renewable energy projects.
The Premier of Victoria, Daniel Andrews said, "Renewable energy means jobs. Our plan puts us on course to build more projects and drive growth. Victoria has world-class renewable resources. We will use them to make our state an industry leader."
In addition, the Australian Government is also investing A$350 million in a large scale grid connected solar program, which is funded through the Australian Renewable Energy Agency (ARENA) and the Commonwealth Clean Energy Finance Corporation (CEFC).
New energy technology is a key growth industry for Victoria, with increasing opportunities for investment. It is one of the six key sectors highlighted by the Victorian Government through the Future Industries Fund which will see A$200 million invested in targeted sectors to promote investment and increase jobs.