Power provider Synergy is offloading its Albany wind farms for $34 million as part of the deal to spin off the utility’s renewable energy assets into a private investment vehicle.

A note in the State-owned group’s recently tabled annual report has for the first time shed light on the value of the farms, which have become synonymous with the Albany skyline since being installed in 2001.

The report shows Synergy is selling its wholly owned 21MW Albany and 14MW Grasmere wind farms for $34.2 million.

Under a deal inked last November, the assets are being sold to Bright Energy Investments, which will be majority owned by the Dutch Infrastructure Fund and industry superannuation fund Cbus.

Synergy will retain a 19.9 per cent stake in the fund, which will house the development rights for a number of other major green power projects including the 200MW Warradarge wind farm in the Mid West.

The utility will also have operating rights over the fund’s assets.

However, Synergy said the Albany wind farms sale was yet to be finalised at the June 30 cut-off date for the 2017-18 reporting period and as a consequence they had been “held for sale”.

“During the 2018 financial year, the group entered into a joint arrangement to manage and develop renewable energy assets,” Synergy noted.

“As part of that arrangement the group intends to sell its Albany and Grasmere wind farm assets to a related party, Bright Energy Investments Trust.”

Synergy has maintained a planned refurbishment of the Albany wind farm will go ahead.

Privatising Synergy’s green assets sparked controversy last year with claims from private power providers that it was “crowding out” the market for projects required to meet the Federal Government’s 2020 renewable energy target.

There were also claims Cbus had been brought into the deal to appease unions upset about foreign ownership of the fund, though these were dismissed by Energy Minister Ben Wyatt.

Mr Wyatt said Bright Energy Investments was the most “fiscally responsible” way of the State meeting its renewable energy obligations.