Japan’s largest petroleum company Inpex has announced it will buy 50% of Enel Green Power Australia (EGPA) in a transaction that valued the company at about $654 million (€400 million), including approximately $230 million in debt.
Inpex, which operates the Ichthys LNG plant near Darwin in the Northern Territory, said the purchase will be made through its newly established subsidiary, Inpex Renewable Energy Australia.
In a statement, Inpex said that upon the finalisation of the transaction it expects to jointly control EGPA, overseeing the company’s current renewable generation portfolio and continuing to develop its project pipeline, “targeting an increase of the developer’s installed capacity.”
“This ensures EGPA will continue to drive the energy transition underway in Australia, accelerating its contribution to achieve the country’s net zero target,” Inpex said.
EGPA’s operational assets include the 34 MW Cohuna Solar Farm in Victoria and its 51% stake in the Bungala 1 and Bungala 2 solar farms, which deliver a combined 220 MW of generation capacity into the grid in South Australia.
It has also commenced construction on the 93 MW Girgarre Solar Farm in central Victoria and the 76 MW Flat Rocks wind farm in Western Australia.
Enel said it is also developing “a significant portfolio of wind, solar, storage and hybrid projects across Australia, alongside expanding its activities in innovative solutions within its retail and trading operations.”
Earlier this year it announced it had received initial approvals from the Australian Energy Market Operator (AEMO) for a 96 MW solar farm and 20 MW battery energy storage system to be constructed at Quorn Park in the central west of New South Wales. It has also announced proposals for a solar and battery hybrid project at Bouldercombe in Queensland and the retrofit of battery storage at Bungala.
Enel said the transaction is in line with its current strategic plan, which “envisages the implementation of partnerships in certain businesses and geographies to enhance value creation.”
The closing of the sale remains subject to certain conditions, including clearance from the Australian Foreign Investment Review Board and Antitrust authorities.
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