Potentia Energy purchases major Australian renewable energy assets
Potentia Energy is a joint venture of Italy's Enel and Japan's INPEX Corp. It announced Thursday that it will buy control stakes in renewable energy projects worth 1 gigawatt in Australia. This investment comes from investors in private equity funds and superannuation funds.
Potentia stated that the acquisition included 700 megawatts in wind and solar assets and 430 Megawatts in late-stage projects, consisting of South Australian and Queensland Battery Energy storage system.
The company also said that a wind farm in West Australia is included in this portfolio. Potentia is a company that has been operating in Australia for 8 years.
Assets owned by CVC DIF (the infrastructure arm of private equity group CVC) and Cbus Super, an Australian pension fund, were seized.
According to its website, Cbus manages funds worth nearly A$100 billion.
According to local media, the sale is valued at about A1 billion dollars. Foreign Investment Review Board approval is required.
Potentia owns 309 megawatts in solar capacity across South Australia and Victoria in Australia, as well as a 75-megawatt wind farm located in Western Australia.
It also said that it was building a solar-battery hybrid project of 98 megawatts in New South Wales and has already commissioned a solar farm of 93 megawatts in Victoria.
(source: Reuters)
