Infigen to sell US wind business

Infigen has sold its US wind energy business to Primary Wind Power for approximately $US 272.5 million.

The sales process was conducted by UBS Investment Bank on behalf of Infigen, and is expected to close in October, the company said in a statement.

Proceeds will be used to decrease the company’s global facility debt.

Managing director Miles George said the outlook for the company’s Australian businesses was positive following the passage of amended Renewable Energy Target legislation.

“The amended target requires a near doubling of large-scale renewable energy capacity in the next five years, creating opportunities for profitable growth in the industry,” he said in the statement.

Infigen was established in 2003 and develops, owns and operates renewable power generation assets, with an interest in 24 wind farms across Australia and the US.

 

Image: AFP