APA raises $300m for wind energy in Australia

APA Group has completed a new share sale to fund the purchase of a wind farm in Western Australia. APA raised $300 million from institutional investors, which will be used to fund the purchase of the Emu Downs Wind Farm, 200km north of Perth, and develop other energy projects in Australia over the next year.

APA said in a statement on Friday there was strong demand for the placement of new shares to existing and new shareholders in Australia and from overseas. Stapled securities in APA slumped 42 cents, or 9.6 per cent, to a three-month low of $3.95 by 1032 AEST.