$59m deal on the wind

Adelaide Advertiser
Saturday 30/8/2008 Page: 77

AGL Energy has sold its Hallett 2 wind farm, under construction near Burra, to Energy Infrastructure Trust for $59 million. EIT is managed by ANZ offshoot ANZ Infrastructure Services. The deal will allow AGL to retain all Renewable Energy Certificates, electricity output and asset naming rights until 2035. AGL managing director Michael Fraser said the sale allowed the energy retailer to book development profit of $59 million.

Dr Fraser said in a statement that between $35 million and $40 million of this amount would be recognised in fiscal 2009, with the balance in fiscal 2010. "The sale of the Hallett 2 wind farm is consistent with the company's integrated strategy," he said.

"We are pleased with this outcome, especially in light of the credit market environment. "The transaction certainly demonstrates there is a solid appetite for quality projects of this nature, which deliver benefits to both parties." The 71-megawatt Hallett 2 wind farm is being built at a total construction cost of $159 million.