Partners Group invests Australian wind farm
Partners Group has made an investment of undisclosed size in an Australian wind power project. It is the firm’s fourth wind farm investment in the country in three years.
The Bango project in the state of New South Wales is construction-ready and estimated to be worth around A$500 million ($340 million), according to a statement. Partners Group has not confirmed the size of its stake.
It follows an investment of A$700 million by the private equity firm last year in an Australian renewable energy platform called Grassroots. The platform will invest a mix of wind and solar installations to be developed by operational partner CWP Renewables.
Portfolio projects to date include Sapphire in New South Wales, which is operational and said to be the largest wind farm in the state with capacity to power 115,000 homes, as well as the smaller Crudine Ridge project, which will supply Sydney airport when completed.
Partners Group has also joined a A$200 million investment alongside Macquarie Capital and industry specialist Renewable Energy Systems in the Murra Warra wind farm in the state of Victoria. Murra Warra, which is planned to power as many as 420,000 homes, is not part of the Grassroots portfolio and is not expected to be rolled into the platform.
Bango is designed to be able to power up to 100,000 homes and has secured a 15-year supply contract with Snowy Hydro, a local renewables-focused electricity provider. The project aims to use a prototype turbine designed by General Electric that would be larger than any onshore units used globally. It is scheduled to be operational by mid-2021.
Partners Group’s Australian portfolio is said to benefit from momentum around a number of government-connected initiatives such as a renewables-focused vehicle launched by domestic electricity provider AGL Energy and a seed fund for clean energy start-ups. Previous investments in the wind segment also include the Ararat project west of Melbourne.
“Despite ongoing market challenges related to grid congestion and uncertainty in future green energy policy, there remains a compelling market opportunity for experienced developers and investors in renewable energy in Australia, particularly in New South Wales,” said Benjamin Haan, an operating partner at Partners Group and chairman of Grassroots.
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