On behalf of its clients, Switzerland’s global private markets investment manager Partners Group has pledged to invest a total of $700 million in the development of a large-scale renewable energy platform, comprising over 1.3 GW of wind, solar and battery projects in New South Wales, which will be delivered in cooperation with Australian developer CWP Renewables.
Partners Group first joined forces with CWP in 2016 when it announced an $250 million investment into the 270 MW Sapphire Wind Farm located in NSW, which is due to be completed by October 2018.
“When we invested in Sapphire Wind Farm, one of the key attractions was the project’s potential to anchor an Australian renewable energy platform,“ said Benjamin Haan of Partners Group.
The second project under the platform, which will be known as Grassroots Renewable Energy Platform, will be the 135 MW Crudine Ridge Wind Farm near Mudgee, NSW. The project, which is slated to break ground in May 2018 and be completed by September 2019, has a long-term PPA for 50% of its output signed with Powershop.
Furthermore, Grassroots comprises a number of other pipeline projects, which combine wind, solar and battery storage assets.
According to CWP, the annual generation from this portfolio is equivalent to approximately 50% of the coal-powered Liddell Power Station.
“These projects will help with the transition from fossil-fueled electricity in the state,“ said CWP Renewables CEO Alex Hewitt.
“We can, from this large portfolio, produce 24/7 baseload renewable power at very competitive prices. This is the future of large-scale generation in Australia,” he underlined.
CWP is already involved as a partner on a massive solar+wind project, the capacity of which was recently increased from six to nine gigawatts, with a mission to supply renewable energy from Australia’s resources via subsea electric cables to Indonesia.
Meanwhile, Partners Group has developed a proven track record in investing in renewable on behalf of its clients. Today, it claims to have developed around 2 GW of solar and wind energy capacity across the Asia-Pacific region, including Australia.
Its previous investments include: a 550 MW Taiwanese solar power development platform and the 240 MW Ararat Wind Farm development in Australia, which it invested into in August 2016 and June 2015, respectively. Most recently, Partners Group announced the sale of its stake in Japan Solar, a 610 MW platform of Japanese solar power assets, which it had invested into in 2013.