AGL reached financial close on the sale of Coopers Gap Wind Farm to Tilt Renewables in August, 2017.
AGL anticipates the total development investment associated with the Coopers Gap project will be approximately $850 million, funded through a combination of Tilt Renewables partners’ equity and a lending group comprising Westpac Banking Corporation, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, Societe Generale, DBS Bank, Mizuho Bank and ABN Amro.
The $22 million sale of the project into Tilt Renewables includes AGL writing a power purchase agreement at a bundled (i.e. including both electricity and associated renewable energy certificates) offtake price of less than $60/MWh (real) for an initial five years. There is a put/call option to extend for the following five years at the same or lower price. AGL expects to recognise nil profit on sale from the transaction.