AGL Energy Limited (AGK) has announced the sale of its 71 MW Hallett 2 wind farm to the ANZ Infrastructure Services managed Energy Infrastructure Trust ("EIT"). The sale of the project will result in a $59 million development profit.
Managing director Michael Fraser said between $35 million and $40 million would be recognised in fiscal 2009, with the balance in fiscal 2010.
"AGL's existing underlying profit guidance for FY09 of $360 million to $390 million already incorporates the development profit," the company noted.
"We are very pleased with this outcome, especially in light of the current credit market environment," Fraser said.
He said the sale relieved AGL from ongoing development capital expenditure funding which was forecast to be approximately $117 million from September 2008 through to anticipated project commissioning in January 2010".
ANZIS managing director John Clarke said the wind farm was a high quality investment, ideally suited to its investors with our Wattle Point wind farm similarly contracted to AGL, the renewable assets in EIT now total 200 MW.
At 1515 AEST shares in AGK were up 19c to $15.20.