EnergyAustralia, the Australian unit of Hong Kong-listed power generator CLP Holdings Ltd. (0002.HK), has agreed to sell its majority stake in a wind farm to Canada’s Northleaf Capital Partners and Australia’s Palisade Investment Partners, a person familiar with the matter said Tuesday.

EnergyAustralia will receive proceeds, net of costs, of 228 million Australian dollars (US$228 million), for its 75% stake, the person said, adding that the deal is expected to close by the end of June.

The Waterloo wind farm has a generating capacity of 111 megawatts. It is located 30 kilometers from the town of Clare in South Australia state and has 37 turbines supplying energy to 9,000 homes.

ANZ Banking Group Ltd. advised EnergyAustralia while Macquarie Group Ltd. advised the winning consortium.

Write to Gillian Tan at gillian.tan@wsj.com

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–Northleaf Capital Partners and Palisade Investment Partners agree to buy Australian wind farm

–Australian unit of Hong Kong-listed CLP Holdings to receive A$228 million from sale

EnergyAustralia, the Australian unit of Hong Kong-listed power generator CLP Holdings Ltd. (0002.HK), has agreed to sell its majority stake in a wind farm to Canada’s Northleaf Capital Partners and Australia’s Palisade Investment Partners, a person familiar with the matter said Tuesday.

EnergyAustralia will receive proceeds, net of costs, of 228 million Australian dollars (US$228 million), for its 75% stake, the person said, adding that the deal is expected to close by the end of June.

The Waterloo wind farm has a generating capacity of 111 megawatts. It is located 30 kilometers from the town of Clare in South Australia state and has 37 Vesta turbines supplying energy to 9,000 homes.

Northleaf Capital Partners Managing Director and Co-Head of Infrastructure Investment Jamie Storrow said in a statement that the investment in the Waterloo wind farm offered attractive, risk-adjusted returns. The returns are based on a lifespan of more than 25 years for the wind farm and a contract to sell power to EnergyAustralia.

The consortium has the option to participate in a planned 18 megawatt, or six-turbine, expansion of the wind farm that is currently being assessed for local government approval.

“Direct investment in mature, low-risk wind energy assets like the Waterloo wind farm is consistent with Northleaf Capital Partner’s investment strategy and offers significant potential for stable, long-term returns,” Mr. Storrow said.

ANZ Banking Group Ltd. advised EnergyAustralia while Macquarie Group Ltd. advised the winning consortium.

Northleaf in 2009 was spun out of private equity fund TD Capital Private Equity Investors, which was established in 1969 as the private equity and merchant banking arm of TD Bank Financial Group. Northleaf’s infrastructure unit is focused on direct investments in core assets in OECD countries, with a preference for deploying capital alongside other institutional investors with sector expertise.

Write to Gillian Tan at gillian.tan@wsj.com

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