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 Ltd, the bidder for Royal Dutch Shell Plc, hopes healthy performance by the refining and fuel retailing unit of Shell in the coming quarters.

Infratil Chief Executive Officer Marko Bogoievski said, “(It) is an opportunity to put business improvement through that organization and also to optimize really an integrated downstream New Zealand business.”