John Laing assets race heats up

The bidders are now vying for a smaller portfolio.

Parties competing for the Australian renewable energy assets on offer by John Laing are expected to learn Tuesday whether they have been short-listed for the second round of the competition.

Among the parties competing for the assets are First Sentier Investors, advised by JPMorgan, Palisade Investment Partners with First State Super, advised by RBC and Grant Samuel, ICG, Neoen and Federation Asset Management advised by PwC.

At least one other group is understood to remain in contention.

Parties were asked to resubmit their first-round bids by July 24 after the nature of the portfolio on offer was recut and the suitors initially expected to hear if they had made the second round of the competition last week.

The bidders are now vying for a smaller portfolio after John Laing opted to exclude solar assets in its Australian business, including the Sunraysia Solar Farm and the Finley solar project, both in NSW.

It means that any acquirer would now need to write a cheque for at least $250m for the wind farm portfolio — about half the earlier estimated amount when the solar projects were also on offer.

First round bids were initially due at the beginning of July before solar assets were excluded. Working on the sale process for John Laing has been Macquarie Capital.