Ric Stowe's Emu Downs wind farm falls to APA in $170m deal INFRASTRUCTURE company APA Group will pay $170 million to acquire the Emu Downs wind farm in Western Australia from the ruins of fallen tycoon Ric Stowe's corporate empire. The group said yesterday it would raise $300m from institutions to buy the 80 megawatt Emu Downs project and to fund organic expansion of its energy infrastructure portfolio across Australia over the next 12 months. Emu Downs is a joint venture between Mr Stowe's Griffin Energy and the Queensland government-owned Stanwell Corporation. The wind farm sale leaves Mr Stowe's Devereaux Farm mansion on the outskirts of Perth as the only major asset yet to be sold by receivers after the collapse of Mr Stowe's Griffin group in January last year. Monaco-based Mr Stowe is negotiating with his bankers to win back the lavish property -- a prospect that becomes more likely as his assets are sold and financiers are repaid. Mr Stowe's Griffin Coal was sold to Indian energy giant Lanco Infratech in December last year. His adjacent Bluewaters coal-fired power stations were sold in April to Japan's Kansai Electric Power and Sumitomo. However, the settlement of that $1.2 billion sale could collapse due to a dispute with Lanco over the price Bluewaters must pay for coal to run the power stations. The Emu Downs wind farm, about 200km north of Perth, produces enough electricity to power more than 50,000 homes a year and can reduce greenhouse gas emissions by 280,000 tonnes annually. The electricity is sold mainly to WA government-owned retailer Synergy and contracts are in place for the next 20 years. APA managing director Mick McCormack rejected speculation that the wind farm was removed from APA's core expertise. He also denied Emu Downs had suffered from operational problems and low winds. "We have had access to all of the data," he said. It's not like we have taken a punt on this. Mr McCormack said Emu Downs would complement APA's gas infrastructure assets in the Perth region, including the Parmelia gas pipeline and Mondarra gas storage facility. The acquisition was consistent with APA's strategy of using its gas infrastructure portfolio to develop related energy projects. The purchase includes the right to develop more wind assets on land adjacent to Emu Downs. APA will raise $300m through an institutional placement at $3.85 a share, representing an 8.1 per cent discount to the last closing price of $4.19, which was adjusted for this year's estimated dividend of 17.9c per share.