First Sentier Investors is shaping up to be in the box seat to buy John Laing’s Australian renewable energy assets, according to sources in the market, as parties lobbed their final offers last week.
The competition was down to ICG and First Sentier, advised by JPMorgan, but most believe that ICG will be bowing out of the John Laing contest, given that it has just purchased Engie’s Australian Willogoleche Wind Farm in South Australia and other development opportunities, paying out $400m on the transaction.
The John Laing assets are up for sale through Macquarie Capital.
More recently, the bidders have been 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.
Assets on offer are the Cherry Tree and Kiata wind farms in Victoria, Hornsdale wind farm in South Australia and Granville Wind Farm in Tasmania.
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