New Zealand infrastructure investor Infratil Ltd has sold its 32.5 percent stake in renewable energy firm Energy Developments. The company claims that the step has been taken into the takeover offer made by Greenspark Power Holding Ltd, and it went unconditional on January 8.

Infratil revealed it will register a profit of around $94 million on the sale, in the financial statements for the year ending 31 March 2010. Since last year march, the company had been successful in raising over $98 million of new capital by divesting over $391 million of non-core assets.

Infratil and New Zealand's state pension fund have undergone a deal in which letter of intent was signed to buy Shell's assets. However, the price agreed has not been disclosed. Local media have revealed the value of the assets to be about NZ$1 billion.

Infratil CEO Marko Bogoievski claims that the latest sale is on the same track of its recent capital management initiatives. Also, he added that the company will continue to seek for investment opportunities in the Australian energy sector.

The company is also in favor of seeking to expand its energy interests in New Zealand and is part of a consortium with the government's New Zealand Superannuation Fund which is contending for Shell's downstream businesses.