Le mie ricette per la real estate communityUBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM) Infrastructure business announces that it has completed the disposal of its 60% interest in the Collgar Wind Farm, a renewable power project that generates and delivers wind electricity in Western Australia. The stake has been acquired by the Retail Employees Superannuation Trust (REST), which held the remaining 40% stake in the wind farm and will now assume full ownership.
REPM acquired its 60% stake in the greenfield asset on behalf of a global infrastructure equity strategy in 2010 and funded its pro-rata equity share of the project’s construction, with the wind farm becoming fully operational, ahead of schedule in 2011.
Since its connection to the grid, Collgar Wind Farm has delivered strong annual revenues and dividend distributions for REPM’s clients, with value creation initiatives undertaken including two early re-financings. Having now reached the conclusion of its business plan for the asset, REPM considered it opportune to proceed with the strategic divestment of this asset from its infrastructure equity portfolio and crystalize the value created on behalf of clients.
Tommaso Albanese, Head of Infrastructure, UBS Asset Management, commented: “We identified the potential for our first greenfield investment opportunity almost a decade ago. We are proud of the project’s long-term environmental contribution and look forward to its continued success under REST’s full ownership. We continue to invest in similar such opportunities that offer our clients access to a wide spectrum of mid-market infrastructure investments across the globe.”
Collgar Wind Farm is located in Merredin, 250 km east of Perth, and represents Western Australia’s biggest renewable energy producer. Spanning 18,000 hectares, the wind farm consists of 111 turbines with a total power production capacity of 206 megawatts. The Collgar Wind Farm project holds a five-star Global Real Estate Sustainable Benchmark (GRESB) rating and is ranked first amongst its Australian peer group of on-shore wind power generators. Its numerous environmental benefits include a carbon emission offset that equates to a million new trees being planted annually.
Source : Company