Origin sells Cullerin Range wind farm for $72m

Origin Energy has offloaded the 30MW Cullerin Range wind farm, north of Canberra, for $72 million to Duet Group.

Under the terms of the transaction, Origin has entered into a long-term offtake agreement with Cullerin Range Wind Farm.

The sale, which is subject to standard conditions precedent, forms part of Origin’s $800 million asset divestment program announced in September 2015 to strengthen the energy firm’s balance sheet amid the ongoing low oil price environment. Origin is aiming to focus the company on two core businesses: energy markets and integrated gas.

Upon completion of sale, the divestment program’s cumulative proceeds to date will total $468 million.

The wind farm has been operational since 2009, with site leases in place until 2038, and boasts one of the highest capacity factors for an Australian wind farm.