Acciona is preparing to refinance and sell Australia’s largest waste-to-energy project, a little over a year after wresting the development in the Perth suburbs away from Macquarie Capital and Dutch Infrastructure Fund.
The Spanish energy giant has hired RBC Capital Markets to launch a debt refinancing, as well as a sale of at least 50 per cent of the plant, known as the Kwinana Energy Recovery facility.
The Kwinana project, 40 kilometres off Perth, is expected to deliver about 38 megawatts of electricity into the grid from processing 460,000 tonnes of garbage a year from landfills. It is often cited as a textbook example of renewable energy, circular economy, or sustainability infrastructure.
Potential investors have been told Acciona has completed the facility, proven its operational performance, and is expecting about $75 million in stabilised earnings before interest, interest, taxes, depreciation, and amortisation.
It has been a long journey for the project, which hit financial close in 2018 after several years of work, and attracted a start-studded investor lineup.
Long delays ultimately led to a legal dispute between the investors and Acciona, which was initially just the builder.
The Spanish player took over Macquarie and Dutch Infrastructure Fund stakes to move up to full ownership early last year, and is now seeking a payday.
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The deal places a price tag of $102.9 million on Duxton’s fruit, orchard, walnut and apiary businesses, with the shareholders to be paid in Duxton Farms shares at $1.25 apiece and up to 20 per cent or about $17 million cash.
