AGL Energy has divested its half of the 420MW Macarthur wind farm in Australia to HRL Morrison & Co managed funds (Morrison & Co) for $532m.

The joint venture project had New Zealand-based renewable energy firm Meridian and AGL as equal shareholders. Operational rights for the project were held by AGL.

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Meridian had offloaded its 50% participating interest in the project to Malaysian power generator and retailer Malakoff in July 2013. The sale was concluded at a price of A$659m ($601.8m) at the time.

"The Macarthur wind farm is a highly attractive investment, providing the stable contracted cashflows and inflation protection that we seek from infrastructure assets."

The wind project had been built in south-west Victoria by Vestas and Leighton Contractors, and is equipped with 140 of Vestas V112, 3MW turbines. It has the capacity to power more than 220,000 households in the country.

Construction of the wind project was completed by January 2013.

Morrison & Co Investment Strategy head Paul Newfield said: "The Macarthur wind farm is a highly attractive investment, providing the stable contracted cashflows and inflation protection that we seek from infrastructure assets."

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AGL will continue to be responsible for the operations and maintenance of the facility on behalf of Morrison & Co and Malakoff.

The deal also allows AGL to retain the rights to all renewable energy certificates and power output up to 2038.

This divestment is in-line with the firm’s target for $1bn asset sales by the end of financial year 2017. Besides boosting capital efficiency, the sale will help the company to retain its BBB credit rating.