Australian wind energy investor Infigen Energy, which is in the process of selling its wind business in the US, is seeking upwards of $2 billion for the assets.
Infigen said its
Speaking in an interview on Australian television at the weekend, Infigen’s managing director Miles George said the company is looking to exit the American market in order to pursue what it sees as a more attractive opportunity in the Australian wind energy market. George added that based on the replacement cost of US wind farms, its US business could fetch around $2.2 billion.
Following a law passed by Australia’s senate last month, the country is committed to producing 20 percent of its energy from renewable sources by 2020.
The company had originally announced its intention to divest its US wind business in August. Its assets comprise the largest independent portfolio of wind generating assets in the US. Upon announcing the sale, Infigen said it will not sell the assets if the prices offered do not match what it perceives as the benefits of holding the assets.
Infigen has mandated Marathon Capital and UBS to handle the sale process for the assets.
Infigen was formed from the remnants of Babcock & Brown Wind Partners following the collapse of Babcock & Brown group earlier this year. For the year ending on June 30 it earned a profit of A$190 million (€113 million; $165 million) on the back of revenues of A$337 million.
The company had previously started the sale process of its wind assets in France and Germany, which it deemed “non-core” to its future business.