The agreement marks the end to an auction that took a few twists and turns. The start was delayed by COVID-19, before John Laing decided to strip its two solar farm projects out of the up-for-sale bundle and proceed to sell its wind farms only.
The wind farms are expected to sit in First Sentier’s unlisted infrastructure portfolio, which has assets in Australia, New Zealand and globally.
Its Australian investments include stakes in Adelaide Airport and Brisbane Airport, renewables platform CleanPeak Energy and Water Utilities Australia, which provides water infrastructure.
It is First Sentier’s first major wind farm investment in Australia.
John Laing was advised by Macquarie Capital. First Sentier was advised by JPMorgan and ICA Partners.