Palisade Investment Partners and Aware Super Pty Ltd., as trustee of Aware Super, have agreed to acquire a 49% stake in the 528MW Stockyard Hill Wind Farm from Goldwind in Australia.
Equipped with 149 Goldwind turbines, the wind facility was completed in September this year.
Stockyard Hill is claimed to be the largest wind farm in the National Electricity Market with a capacity to power 425,000 homes annually.
Energy generated by the wind farm and the large-scale generation certificates have been sold to Origin Energy under a long-term offtake agreement.
Aware Super Infrastructure and Real Assets senior portfolio manager Mark Hector said: “We believe Stockyard Hill Wind Farm will provide a valuable, new source of strong risk-adjusted returns for our members’ $1bn renewable energy portfolio.
“It also reaffirms our investment strategy to actively pursue those assets we believe will benefit from the transition to a lower carbon future.”
As per the agreement, Goldwind will provide operations and maintenance services to the wind farm.
The deal is expected to reach a financial close in January next year.
For this acquisition, Palisade’s diversified infrastructure fund (PDIF) will co-invest with Aware Super through a special purpose vehicle (SPV).
Palisade executive director James Hann said: “We are pleased to secure this high-quality investment on behalf of our clients.
“Stockyard Hill provides our investors with exposure to long-term contracted cashflows and represents further diversification across our growing portfolio of renewable energy investments.
“This acquisition represents a continuation of our strategy to invest across the spectrum of renewable energy assets including high quality greenfield and brownfield projects.”