Megafund acquires three east coast solar farms in takeover of Elliot Green Power

Global investment manager Igneo Infrastructure Partners will acquire Elliot Green Power, along with its solar and storage portfolio, via its Australian business, Atmos Renewables.

April 27, 2022 Bella Peacock

The Susan River Solar Farm will now be owned by Igneo Infrastructure Partners' Australian renewables company Atmos Renewables. It takes the asset over from Elliot Green Power.

Image: Elliot Green Power

Atmos Renewables this week purchased the Childers and Susan River solar farms in Queensland and the Nevertire solar farm in New South Wales. The acquisitions were part of its takeover of Elliot Green Power for an undisclosed amount.

The move will see Atmos Renewables take ownership of a portfolio with 302 MW of combined capacity. Each of the three solar farms have “well-advanced” co-located battery developments totalling 125 MW/250 MWhs, Atmos’ owner Igneo Infrastructure Partners said. Construction of the battery projects is slated to commence in 2022.

The takeover is expected to be officially completed by the third quarter of this year.

“This marks the fourth successful acquisition by Igneo since Atmos Renewables was established in 2020,” Igneo’s head of asset management for Australia and New Zealand, Daniel Timms, said.

Upon completion, Atmos Renewables claimed it will become the fourth-largest owner of operating renewable energy assets in Australia.

The Elliot Green Power portfolio will sit alongside assets Atmos already owns, including the Hayman and Daydream solar farms in Queensland, the Cherry Tree and Kiata wind farms in Victoria, as well as its stake in the Hornsdale wind farms in South Australia. In total, the company holds interests in seven operating wind farms and five operating solar farms with a total capacity of 865 MW.

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