SYDNEY: Potentia Energy, a joint venture between Italy’s Enel Green Power and Japan’s Inpex Corp, will buy controlling stakes in 1GW worth of renewable energy projects in Australia from private equity and superannuation fund investors.
Potentia said the purchase included 700MW of wind and solar assets, and 430MW of late-stage development projects consisting of the South Australian and Queensland Battery Energy Storage system.
A West Australian wind farm is also part of that portfolio, the company said.
Potentia has operated in Australia for eight years, it added.
Additionally, the assets had been owned by private equity group corporate venture capitalists’ (CVC) infrastructure arm, CVC DIF and Australian pension fund Cbus Super.
Cbus has nearly A$100bil in funds under management, according to its website.
The sale is worth about $A1bil, according to local media reports.
It requires Foreign Investment Review Board approval.
Potentia has 309MW of solar capacity in the Australian states of South Australia and Victoria.
It also has a 75MW wind farm in Western Australia, the company added.
Furthermore, it said it was also building a 98MW solar and 20MW battery hybrid project in New South Wales, and has commissioned a 93MW solar farm in Victoria. — Reuters
