Atmos Renewables, the clean energy arm of investment manager Igneo Infrastructure Partners, has added the 112.5 MW solar farm near Mildura in northwest Victoria to a growing portfolio that includes interests in 15 renewable energy plants capable of generating 2.5 TWh of electricity.
Atmos Chief Executive Officer Nigel Baker said the deal, which also includes an option to acquire interests in BayWa wind development projects, affirms the Sydney-headquartered company’s strategy of growing its portfolio of Australian renewable energy assets.
“Atmos is committed to playing a significant role in enabling Australia’s energy transition,” Baker said.
“The acquisition of Karadoc Solar Farm further expands Atmos’ already diverse portfolio of operational renewable energy assets.”
“It is our first Victorian solar farm and complements our existing portfolio of solar and wind assets across each state of the National Electricity Market (NEM).”
Established in 2020, Atmos’ investments to date have focussed primarily on operating assets but the company said it is also working to build a “substantial development pipeline for future investment and expansion.”
“Atmos invests in green energy at all stages of the project lifecycle and is committed to building out a scaled and diversified portfolio of generation and storage assets that provide clean power to a range of customers,” it said.
Image: BayWa r.e.
Karadoc, which comprises more than 345,000 solar panels, was the largest solar farm in Victoria when it commenced operations in 2019 and with an output of up to 112.5 MW, it can generate enough renewable energy for 65,000 homes.
Its revenue is underpinned by long-term power purchase agreements with Australian electricity retailer Flow Power and beer maker Carlton United Breweries, owned by Asahi Beverages.
The acquisition of Karadoc Atmos owns interests in 15 large-scale renewable generation assets across the NEM.
In April last year it acquired the Childers (56 MW) and Susan River (85 MW) solar farms in Queensland and the Nevertire (105 MW) solar farm in New South Wales as part of its takeover of Elliot Green Power. It also owns the Daydream (168 MW) and Hayman (58 MW) solar farms in Queensland.
It also owns or has a stake in wind portfolio with a generation capacity of more than 1.1 GW. This includes the Cherry Tree, Kiata, Elaine, Yendon and Macarthur wind farms in Victoria, the Hornsdale wind farms in South Australia, and the Granville wind farm on Tasmania’s west coast.
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