TORONTO, May 14, 2013 /CNW/ - EnergyAustralia today announced that it
had reached a definitive agreement with infrastructure investment
specialists, Palisade Investment Partners and Northleaf Capital
Partners, who will now acquire a majority shareholding in the 111MW
Waterloo wind farm, near Clare, South Australia.
Under the Waterloo transaction, Palisade and Northleaf have acquired a
75% equity interest in the operational wind farm, simultaneously with a
re-financing of the asset, realising total proceeds of AUD $228 million
EnergyAustralia will retain a 25% equity interest in the wind farm and
has signed a long-term contract with the jointly-owned entity to
provide asset management services and maintain its commitment to
engagement with the local community.
EnergyAustralia will also continue to be a long term off-taker for both
energy and Large-scale Generation Certificates produced by the wind
farm. As an energy retailer, EnergyAustralia purchases these
certificates in order to meet its obligations under the Renewable
Energy Target Scheme.
In addition, EnergyAustralia and Palisade have signed a development
partnership Memorandum of Understanding, paving the way for both
partners to collaborate on new renewable energy projects to meet future
increases in market demand.
EnergyAustralia Executive Manager Business Development, Ross Edwards,
said the transaction would provide Palisade and Northleaf's investors
with long-term returns and exposure to the burgeoning renewable
infrastructure sector, including the potential for future expansion.
"This transaction enables EnergyAustralia to retain off-take
arrangements for renewable energy and provide asset management services
for Waterloo, while liberating capital to invest in future projects,"
Palisade Managing Director, Ian Mitchell, said a partnership with
EnergyAustralia represented an exciting opportunity given the company's
solid operations and development track record and its reputation as a
leading national energy business.
"Palisade is looking forward to working alongside EnergyAustralia to
continue the build out of our existing renewable energy and generation
infrastructure portfolio in Australia," he said.
"Waterloo wind farm represents an exciting additional investment
opportunity for our investors and we're encouraged by the pipeline of
investment opportunities that EnergyAustralia has to offer.
"The Development Partnership with EnergyAustralia provides our investors
with a unique opportunity to co invest alongside a leading, experienced
energy player with significant operational and development expertise.
The partnership also offers Palisade's investors with a path to invest
meaningful sums in quality Australian infrastructure."
Jamie Storrow, Managing Director and co-head of Northleaf's
infrastructure investment program, said the investment in Waterloo wind
farm offers attractive, risk adjusted returns for investors with a
projected asset lifespan of more than 25 years and access to contracted
revenue through the offtake arrangements with EnergyAustralia.
"Direct investment in mature, low risk wind energy assets like the
Waterloo wind farm is consistent with Northleaf's investment strategy
and offers significant potential for stable, long-term returns," he
said. "We look forward to maintaining a long-term partnership with
The Waterloo wind farm consists of 37 Vestas V90-3.0MW turbines.
Participation in the joint venture also provides Palisade and
Northleaf's investors with the option to participate in a planned 18MW
expansion of the wind farm, currently being assessed for local
government planning approval.
Asset-backed non-recourse financing for this transaction is being
provided by a number of large banks with the first tranche lasting for
Image with caption: "Map of Waterloo wind farm (CNW Group/Northleaf Capital Partners)". Image available at: http://photos.newswire.ca/images/download/20130514_C6710_PHOTO_EN_26685.jpg
Image with caption: "Waterloo wind farm image 1 (CNW Group/Northleaf Capital Partners)". Image available at: http://photos.newswire.ca/images/download/20130514_C6710_PHOTO_EN_26684.jpg
Image with caption: "Waterloo wind farm 2 (CNW Group/Northleaf Capital Partners)". Image available at: http://photos.newswire.ca/images/download/20130514_C6710_PHOTO_EN_26683.jpg
SOURCE: Northleaf Capital Partners
For further information:
Sarah Stent, Manager Corporate Affairs
Telephone +61418 142 173
Palisade Investment Partners:
Roger Lloyd, Director
Telephone +612 8970 7801
Jeff Pentland, Managing Director