Allens advises on Macarthur Wind Farm sale

Allens has advised Australian integrated energy company AGL Energy Limited on the sale of its 50 per cent participating interest in the Macarthur Wind Farm in south-west Victoria.

AGL Energy sold the interest to managed funds H.R.L Morrison & Co for $532 million.

Under the deal, AGL Energy will continue to operate and maintain the wind farm for the new owners, and will retain the rights to all Renewable Energy Certificates and electricity output until 2038.

The 420 MW Macarthur Wind Farm is the largest wind farm in the Southern Hemisphere.

The Allens team on the matter was led by Partner Kate Axup, together with Partners Michael Ryan, Michael Graves, Wendy Rae and Martin Fry.

Kate said Allens' role on the sale was a continuation of the firm's involvement in the Macarthur Wind Farm project.

'Allens acted for Meridian Energy Limited in 2008 during the pre-development phase for the project,' Kate said.

'We subsequently acted for Meridian when the current joint venture and structure was established with AGL in 2010, a subsequent project financing in 2011, followed by a refinancing and sale of Meridian's 50 per cent stake to Malakoff Corporation Berhad in 2013.'

Kate said that the Allens team was delighted to have had the opportunity to work alongside the AGL team on this transaction, having had a long association with the project.

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