Two bidders for UK investor John Laing Group’s Aussie wind farms have one week to sharpen their pencils and return with final bids for the portfolio.
Street Talk understands Australian fund manager First Sentier and Japanese oil and gas giant ENEOS Holdings have been given one last chance to improve their offers after lobbing bids last Friday.
It is understood John Laing and its advisers Macquarie Capital fielded three bids for the portfolio and, after a discussion on Monday evening, decided to give First Sentier and ENEOS another week to go over their bids.
The pair were told to have another look at the terms and pricing of their offers and see if they could sweeten their proposals.
Sources said the third bidder, Infrastructure Capital Group, did not make it through to the final round.
Up for sale are John Laing’s stakes in wind farms including Cherry Tree in Victoria, and the Granville wind farm on Tasmania’s west coast.