Australian clean-energy developer Infigen Energy said that it will sell its US wind business to Primary Wind Power for $272.5m.
Primary Wind Power is a newly formed portfolio company affiliated with ArcLight Capital Partners.
Infigen said that it presently has equity interest in 18 wind farms in the country, having power generation capacity of 1,089MW.
The sale process is being conducted by UBS Investment Bank and is expected to close by this October.
Last month, the company agreed to sell its US solar development projects for $67.9m.
Following the sale, the staff of Infigen’s US wind operations will become a part of Primary Wind Power.
The company said that the proceeds of the sale will be used to reduce its debt and strengthen the finances of its Australian assets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataInfigen managing director Miles George said: "Infigen has been assessing various options to improve the capital structure of our business and unlock security holder value for quite some time.
"The sale of our US wind business is consistent with that strategic objective, represents fair value for security holders having regard to the cash flow profile of the US assets and is a significant milestone on the path to improving the future prospects for Infigen and its security holders."
