EnergyAustralia has agreed to sell its remaining 25 per cent equity interest in the 111MW Waterloo Wind Farm, and the development rights to the Waterloo expansion project, to Palisade Investment Partners and Northleaf Capital Partners. The sale is subject to the satisfaction of certain conditions.
Palisade Investment Partners and Northleaf Capital Partners acquired a 75 per cent share of the wind farm in May 2013.
Under the terms of the sale agreement, EnergyAustralia will continue to operate the wind farm and provide asset management services including engagement with the local community and key stakeholders.
EnergyAustralia’s Acting General Manager - Business Development, Cameron Garnsworthy, said EnergyAustralia was pleased to continue as the wind farm’s operator. “There will be no change to existing operations. EnergyAustralia employees will continue operating the wind farm and upholding our rigorous approach to safety and compliance,” Mr Garnsworthy said. “EnergyAustralia is committed to maintaining strong relations with the Mid North community. Through our Community Liaison Group we will continue to share information about wind farm operations and consult with stakeholders on issues of local importance.”
In 2015 EnergyAustralia has committed $20,000 in grant funding to support local initiatives that will benefit the community through the Waterloo Wind Farm Community Fund.
“EnergyAustralia will continue to buy 50 per cent of all clean energy generated by the wind farm through a long term Power Purchase Agreement (PPA),” Mr Garnsworthy said.
By committing to PPAs with several other Australian wind farms, EnergyAustralia has underpinned approximately 17 per cent of all large scale wind projects in the National Electricity Market, equating to over $1 billion worth of renewable energy investment.
Jamie Storrow, Managing Director and Co-Head of Northleaf Capital Partners’ infrastructure investment program, said the additional investment in Waterloo Wind Farm was desirable. “Our investment experience with Waterloo Wind Farm has been positive and increasing Northleaf’s ownership stake is a good outcome for our investors,” he said.
Daniel Roberts, Investment Director at Palisade Investment Partners said re-investing in Waterloo Wind Farm represents another exciting opportunity for investors. “Waterloo Wind Farm has performed well since acquisition and continues to provide stable, long-term returns to investors. Through the acquisition, investors maintain the benefit of the relationship with EnergyAustralia while increasing their exposure to a high performing asset,” he said.
About Waterloo Wind Farm
The 111MW Waterloo Wind Farm has been in operation since October 2010. The wind farm has 37 Vestas V90 turbines that generate enough clean energy to supply electricity to more than 50,000 homes in South Australia and to reduce greenhouse gas emissions by 335,000 tonnes annually.
In June 2013 the Waterloo 2 project received development plan consent from the Clare and Gilbert Valley Council. The proposal to add six more turbines to the existing Waterloo Wind Farm would supply enough renewable energy to power a further 7,516 households a year.
About Palisade Investment Partners
Palisade Investment Partners is an independent, specialist Australian infrastructure fund manager with over $1.8 billion in funds under management and commitments, and is currently invested in and manages a diverse portfolio of more than 18 infrastructure assets.
Palisade acquires and actively manages high-quality unlisted infrastructure assets for its flagship funds, Palisade’s Diversified Infrastructure Fund and Palisade’s Australian Social Infrastructure Fund, as well as for its direct investment mandate clients. Palisade currently manages equity investments across a range of sectors including airports, ports, renewable power generations, transmission, timberlands, social infrastructure, agri-infrastructure and alternative waste treatment.
Palisade is majority owned by its directors and staff, with minority ownership and support provided by Pinnacle Investment Management. Pinnacle is Australia’s leading “House of Boutiques” and its seven specialist investment firms collectively manage over $15 billion for a wide range of investors.
About Northleaf Capital Partners
Northleaf Capital Partners is a leading independent global private equity and infrastructure manager, with more than $6 billion in commitments under management on behalf of public, corporate and multi-employer pension plans, university endowments, foundations, financial institutions and family offices.
Northleaf’s global infrastructure program pursues direct investments in mature, conservatively-positioned infrastructure assets in developed markets. Northleaf’s 65-person team, located in Toronto, Canada, London, UK, and Menlo Park, USA, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf currently manages six global private equity funds, a specialist private equity secondary fund, a direct infrastructure fund and a series of customized private equity and infrastructure investment mandates tailored to meet the specific needs of institutional investors and family offices. For more information on Northleaf please visit www.northleafcapital.com.
For further information please contact: Claire Holster 0451 221 283