AGL sells wind farm to energy investment group for $88m
- 02 October, 2009 14:26
AGL Energy (ASX:AGL) has sold a wind farm to the Energy Infrastructure Investments (EII) consortium for $88 million.
EII, which is a consortium made up of power providers Marubeni Corporation, Osaka Gas and the APA group, has arranged to purchase the 132.3 megawatt Hallett 4 wind farm.
AGL will continue to operate and maintain the wind farm, in return for the $88 million in development fees – to be paid on a “completion of construction” basis – and the rights to electricity output until 2036, the company said.
“The structure of this transaction, where AGL retains all output, renewable energy certificates and operatorship, is consistent with the company’s strategy to maintain its leadership position in renewable energy generation,” AGL CEO Michael Fraser said.
AGL has around 2,600 megawatts worth of renewable generation projects in its pipeline, Fraser added.