Australian super fund snaps up another two new wind farms in Victoria

Independent Australian superannuation fund Prime Super has bought up two small wind farms in Victoria, adding a total of five wind turbines to its renewable energy portfolio – enough to power more than 30,000 homes.

Prime Super announced the acquisition of the wind farms on Monday: The 7.4MW, two-turbine Diapur Wind Farm near Nhill, in western Victoria, and the 10.8MW, three-turbine Ferguson wind farm in the state’s west.

Both projects were developed by renewables outfit BayWa r.e. using Vestas wind turbines, as part of the company’s strategy in Australia of building smaller wind and occasionally hybrid projects and then on-selling them.

In 2019, BayWa r.e. completed its first two projects in Victoria, the Timboon West and Yawong wind farms, with plans to sell them together with 15-year O&M contracts with Vestas and PPAs to sell 100% of the power to Alinta Energy.

For Prime Super, the Diapur and Ferguson projects join its existing asset, the 19.5MW Morton’s Lane wind farm, which the fund bought in April, 2021.

Morton’s Lane is in Victoria’s western district approximately 38km east of Hamilton and, like Diapur and Ferguson, is 100 per cent owned by the fund and managed by its investment consultant, Patrizia.

Prime Super CEO Lachlan Baird said the two new wind farms added to the fund’s growing portfolio of climate-positive assets.

“Being located in regional Australia, [these wind farms] will not only deliver returns to our members but also provide employment opportunities for people in regional Australia,” Baird said.

“This is an exciting time for Prime Super and we’re looking forward to continuing to expand our portfolio and build on our history of providing strong long-term returns to our members.”