Australian investment managers Palisade Investment Partners has won the auction for a 50 per cent stake in one of Australia’s biggest renewable energy generators, Macarthur Wind Farm in Victoria.
It is understood Palisade will invest using funds from its Palisade Renewable Energy Fund, and will also tow in rival manager First Sentier’s portfolio company Atmos Renewables as a co-investor.
The deal was signed late on Monday and is likely to be announced this week. Palisade’s consortium will acquire it from infrastructure manager MorrisonThe deal is expected to be worth close to $1 billion. Located in south west Victoria, the eight-year-old Macarthur Wind Farm can produce 420MW of energy, the equivalent of powering 180,000 homes. It has been in operation since 2013 and has at least 25 more years of life.Energy giant AGL has a power purchase agreement to take up Macarthur’s output, which runs until 2038. This long-term contract was a major drawcard when Morrison kicked off the auction process in September.which they’ve now used to acquire the Macarthur stake.
Palisade and First Sentier are funding the $1 billion price tag via senior debt from a bank consortium including MUFG as the mandated lead arranger, underwriter and bookrunner. Mizhuo Bank, Industrial and Commercial Bank of China and DBS Bank were the mandated lead arrangers. The acquisition includes a portfolio financing structure with a common debt facility secured against both GHWF and Macarthur.Case advised Palisade, while MUFG will spearhead the debt syndicate along with Mizuho, ICBC and DBS Bank.
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