Palisade Investment Partners and Aware Super Pty, as trustee of Aware Super, have agreed to acquire a 49% interest in a 528MW onshore wind project in Australia from Goldwind.
The Stockyard Hill project (pictured) in Victoria is the largest operating wind farm in the National Electricity Market and produces enough renewable energy to power approximately 425,000 homes annually.
The project comprises 149 Goldwind turbines and reached practical completion in September 2022.
Goldwind has agreed to provide ongoing operations and maintenance services to the project under a long-term agreement.
All electricity and Large-scale Generation Certificates generated are sold under a long-term offtake agreement with Origin Energy Limited.
Palisade executive director James Hann said: “We are pleased to secure this high-quality investment on behalf of our clients.
“Stockyard Hill provides our investors with exposure to long-term contracted cashflows and represents further diversification across our growing portfolio of renewable energy investments.
“This acquisition represents a continuation of our strategy to invest across the spectrum of renewable energy assets including high quality greenfield and brownfield projects.”
Aware Super senior portfolio manager infrastructure and real assets, Mark Hector added: “We believe Stockyard Hill wind farm will provide a valuable, new source of strong risk-adjusted returns for our members’ $1bn renewable energy portfolio.
“It also reaffirms our investment strategy to actively pursue those assets we believe will benefit from the transition to a lower carbon future.”
The transaction is expected to reach financial close in January 2023.