Energy Infrastructure Trust (EIT) has acquired a 50% interest in the Mumbida Wind Farm, a 55MW generator in Western Australia.
[toggle]The asset will now be jointly owned with Verve Energy, a leading power producer in WA and owned by the WA Government. The project is backed by long-term off-take agreements with the Water Corporation of Western Australia.
Mumbida benefits from an attractive wind regime and generates power with a high capacity factor. The wind farm uses GE turbines, is operated and maintained by GE and is a flagship project in Australia for the manufacturer. The facility has a design life of at least 20 years.
This is the fourth wind farm that ICG has acquired for EIT. Andrew Pickering, the ICG Director who led the transaction, said that the risk profile of the investment is attractive and the asset is ideal for the portfolio needs of EIT. ‘This is a terrific wind farm and a sweet-spot deal for EIT. We have had our eye on Mumbida for some time and we are delighted to have been successful in our attempts to buy into it.’[/toggle]