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John Laing sells Aussie wind stakes
Allens has advised John Laing on its $285 million wind farm portfolio sale.
Tony Zhang
Firm: Allens (John Laing).
Value: $285 million.
Area: Energy and resources.
Key players: Allens partners Kate Axup and Wendy Rae led the transaction.
Deal significance: The portfolio comprises interests in six different assets across South Australia, Victoria and Tasmania. John Laing has sold its aggregate interest in 209 megawatts of the total 5140-megawatt capacity of the assets.
Allens advised on all aspects of the competitive sale process, which has resulted in a money multiple on John Laing’s original investment of 1.5x.
“We congratulate John Laing on reaching this important milestone in its global strategy,” partner Ms Axup said.
“As Australia’s renewables industry continues to grow from strength to strength, the sale demonstrates the ongoing appeal of renewables investments and support for Australia’s transition to clean energy,” partner Ms Rae added.
The infrastructure projects manager said the sale value represents a small uplift to book value as at June 30, when its renewable energy portfolio was valued at £417 million, and is equivalent to a money multiple on its investment of 1.5x.
The sale is expected to complete in early 2021.
