UBS sell controlling stake in Collgar Wind Farm, Western Australia's largest wind farm
UBS Asset Management has sold their stake in Collgar Wind Farm, Western Australia's largest wind farms, to REST Industry Super.
REST had owned 40 percent of Collgar and have acquired UBS Asset Management's 60 percent stake.
The deal will make Collgar one of the largest Australian renewable energy projects directly owned by an Australian superannuation fund.
Rest has been involved with Collgar since construction began in 2010.
Collgar generates, on average, between 40 and 50 per cent of the state’s renewable electricity. This is enough to power up to 170,000 average WA households per year and displace up to 690,000 tonnes of carbon dioxide emissions per year.
The acquisition was negotiated by Rest’s internal investment manager, Super Investment Management.
George Zielinksi, chief investment officer at Super Investment Management, said the project is expected to continue to generate sustainable cash flows.
“Collgar Wind Farm is a premium infrastructure asset that has been delivering strong returns for Rest members", Zielinski said.
"Renewable energy projects like this will continue to play an important role in Australia’s future.
“As an existing owner, Rest has been able to monitor and assess the wind farm’s operational performance since construction was completed in 2011.
"Taking full ownership is a great opportunity to drive further value from the asset and strengthen Rest’s infrastructure portfolio.
"We are confident it will help grow members’ retirement savings into the future.”
Collgar is the largest wind farm in WA, built on 18,000 hectares of land with a total capacity of 206 Megawatts.
Collgar generates, on average, between 40 and 50 per ent of the state’s renewable electricity, enough to power up to 170,000 average WA households per year and displace up to 690,000 tonnes of carbon dioxide emissions per year.
The project holds a five-star Global Real Estate Sustainable Benchmark (GRESB) rating for 2018.