Partners Group Acquires Large Scale Australian Wind Farm Project From Macquarie, RES
Private equity investor Partners Group announced that it has acquired an Australian 209 MW wind farm project for AUD$180 million. The Murra Warra II wind farm has just completed its development phase, and is set to now enter construction. Partners Group acquired the project from a consortium consisting of Macquarie’s Green Investment Group (GIG0 and renewable energy firm Renewable Energy Systems (RES).
Andrew Kwok, Managing Director and Head Private Infrastructure Asia, Partners Group, said:
“We continue to believe the Australian renewable energy sector is benefiting from a transformative trend, with a significant amount of coal-fired generation retirements expected in the coming decade. Investing into Murra Warra II at the construction phase and successfully delivering the project through to its operational phase is consistent with both our ‘platform expansion’ and ‘building core’ strategies in infrastructure. It follows our 2018 acquisition of Murra Warra I, which completed construction in early 2020 and is now a fully de-risked and operational core infrastructure asset, with long-term offtake agreements in place.”
Murra Warra II will comprise of 38 GE Cypress 5.5MW turbines, and is expected to generate enough clean energy to power 150,000 Australian households and offset over 468,000 tonnes of carbon emissions annually. The wind farm is also expected to support more than 400 jobs in regional Victoria during construction, which the company anticipated will be complete by mid-2022. The acquisition marks Partner Group’s sixth major wind farm investment in Australia since 2015.
RES will provide construction and operational asset management services under a long-term agreement. RES and GIG arranged a long-term Power Purchase Agreement for Murra Warra II with utility company, Snowy Hydro through its Renewable Energy Procurement Program.
Matt Rebbeck, CEO, RES, Australia, said:
“RES is proud to have developed another world class project that aligns with our vision of creating a future where everyone has access to affordable zero carbon energy. We are delighted to be able to continue our long-term involvement with the Murra Warra II wind farm and the local community through our construction management and asset management services. With over 6GW of operational projects under management globally, and a portfolio approaching 1 GW in Australia, we look forward to working with Partners Group to optimise the project’s construction and operational performance.”
Lachlan Creswell, Executive Director and Head of Macquarie’s Green Investment Group, ANZ, said:
“Macquarie’s Green Investment Group is proud to announce this project reaching sale and construction following its role in arranging equity, debt and the power purchase agreement for the project. The complimentary partnership between GIG and RES has led to the successful development of a significant and sustainable renewable energy project for Victoria. The completion of Stage I of the Murra Warra Wind Farm, and the development to construction of Murra Warra II marks a significant milestone for Australia’s renewable energy future.”