The wind farm has the capacity to power 425,000 homes annually. Credit: Waldemar Brandt on Unsplash.

Palisade Investment Partners and Aware Super Pty Ltd., as trustee of Aware Super, have agreed to acquire a 49% stake in the 528MW Stockyard Hill Wind Farm from Goldwind in Australia.

Equipped with 149 Goldwind turbines, the wind facility was completed in September this year.

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Stockyard Hill is claimed to be the largest wind farm in the National Electricity Market with a capacity to power 425,000 homes annually.

Energy generated by the wind farm and the large-scale generation certificates have been sold to Origin Energy under a long-term offtake agreement.

Aware Super Infrastructure and Real Assets senior portfolio manager Mark Hector said: “We believe Stockyard Hill Wind Farm will provide a valuable, new source of strong risk-adjusted returns for our members’ $1bn renewable energy portfolio.

“It also reaffirms our investment strategy to actively pursue those assets we believe will benefit from the transition to a lower carbon future.”

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As per the agreement, Goldwind will provide operations and maintenance services to the wind farm.

The deal is expected to reach a financial close in January next year.

For this acquisition, Palisade’s diversified infrastructure fund (PDIF) will co-invest with Aware Super through a special purpose vehicle (SPV).

Palisade executive director James Hann said: “We are pleased to secure this high-quality investment on behalf of our clients.

“Stockyard Hill provides our investors with exposure to long-term contracted cashflows and represents further diversification across our growing portfolio of renewable energy investments.

“This acquisition represents a continuation of our strategy to invest across the spectrum of renewable energy assets including high quality greenfield and brownfield projects.”