AGL Energy Limited has sold its 50 per cent participating interest in the 420 MW Macarthur Wind Farm joint venture to H.R.L. Morrison & Co managed funds for a sale price of $532 million. The net proceeds are equal to the book value of the asset and therefore no profit or loss on the sale will be recorded. The Macarthur Wind Farm is located in south-west Victoria.
It was constructed by Vestas and Leighton Contractors utilising 140 Vestas V112, 3MW turbines and was completed in January 2013. The other 50 per cent interest is held by Malakoff Corporation Berhad (Malakoff).
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. The sale of the Macarthur Wind Farm is the first step toward AGL’s target of $1 billion in asset divestments by the end of FY17.