(Reuters) - New Zealand's Tilt Renewables <TLT.NZ> said on Thursday it will sell its Snowtown 2 wind farm in South Australia to a venture owned by funds managed by Palisade Investment Partners Ltd and First State Super for A$472 million ($320 million).
The Melbourne-based electricity generator said the sale, which has been sparked by a strategic review, is likely to generate net proceeds of about A$455 million for the company.
As a result of the divestment, Tilt cut its full year core earnings outlook to between A$118 million and A$122 million, from its earlier forecast of between A$127 million to A$132 million.
The 270 megawatt wind farm contributed about A$68 million of EBITDAF per annum to the group in an average wind year, the firm said in a statement.
Tilt, which is majority owned by utilities investor Infratil Ltd <IFT.NZ>, said the wind farm is being sold with Snowtown 2's existing project finance facility, which has an expected balance of about A$611 million at transaction closing, expected before the end of 2019.
(Reporting by Sameer Manekar in Bengaluru; Editing by Leslie Adler and Rosalba O'Brien)
