Main funds supervisor Igneo Infrastructure Companions has struck a deal to purchase the three Australian working photo voltaic farms and battery storage tasks owned by one other international funds big Elliott Inexperienced Energy.
The deal, at an undisclosed value, will see Igneo, a part of the First Sentier funds administration group (previously Colonial First State) take management of the Childers, Susan River and Nevertire photo voltaic farms with a mixed capability of 302 MW.
Every of those photo voltaic farms have “well-advanced” co-located battery developments totalling 125MW/250MWh, Igneo mentioned in a press release, including that building of the battery tasks is predicted to start this 12 months.
The acquisition comes 18 months after Igneo bought the Australian wind assets of UK infrastructure investor John Laing, which determined to withdraw from renewable power tasks in Australia, though it nonetheless retains pursuits in two main photo voltaic farms, Finley and Sunraysia.
These wind property – purchased for a complete of $285 million – included the Cherry Tree and Kiata wind farms in Victoria, the Granville wind farm in Tasmania and minority stakes within the three Hornsdale wind tasks in South Australia (however not the Hornsdale massive battery).
The wind and photo voltaic property are being managed for Igneo by its Australian renewable power subsidiary Atmos Renewables, which can take in the Elliott Inexperienced Companions portfolio workforce.
“The funding in EGP demonstrates Igneo’s dedication to Australia’s renewable transition and a decarbonised power market,” Daniel Timms, the top of asset administration, Australia and New Zealand, at Igneo, mentioned in a press release.
He mentioned the acquisition will make Atmos Renewables the fourth largest proprietor of working renewable power property in Australia with a complete financial capability of 865 MW. It additionally owns the Hayman and Daydream photo voltaic farms in Queensland.
“This marks the fourth profitable acquisition by Igneo since Atmos Renewables was established in 2020,” Timms mentioned.
“The transaction delivers on our goal to create a market main Australian renewables enterprise with inside administration functionality to ship sustained progress and worth for our traders.
EGP, a part of a $44 billion international fund, didn’t touch upon the sale. Newspaper stories mentioned three bidders had expressed curiosity within the EGP property.
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Giles Parkinson is founder and editor of Renew Economy, and can also be the founding father of One Step Off The Grid and founder/editor of the EV-focused The Driven. Giles has been a journalist for 40 years and is a former enterprise and deputy editor of the Australian Monetary Evaluation.