Gentari’s CEO has unveiled a plan to 12-fold the company’s renewable energy portfolio in Australia by 2030, aiming for a buildout up to 8 GW.
The company has become the latest in a spate of foreign players announcing multi-billion dollar investments into Australia’s renewable market. In the last weeks alone, Philippines company ACEN announced it would invest $6 billion (USD 3.86 billion) in Australian projects over the next three years; with French-giant Neoen saying it plans to get its Australian portfolio to 10 GW by 2030, enacting a “multi-billion dollar forward investment plan.”
Meanwhile, Canada’s Brookfield is planning “at least” a $20 billion investment into Australian renewables, largely via its takeover bid for Origin Energy which is currently before regulators.
Gentari’s Australian expansion comes off the back of its acquisition of Wirsol Energy and Australian assets from German-based group Wircon. That deal was finalised in February and saw Gentari inherit a portfolio including 422 MW of operational solar and storage projects and nearly double that in development.
The company is looking to boost its Australian renewable portfolio 12-fold before 2030, with CEO Sushil Purohit telling the Australian Financial Review it will do so via a mixture of acquisitions, joint ventures and organic growth.
Gentari executives say they expect Australia to be one of the company’s biggest international markets, behind only India. Overall, Gentari is targeting a global portfolio of wind and solar assets between 30 GW and 40 GW by 2030.
Gentari said on Tuesday that Wirsol Energy will now be renamed Gentari Solar Australia.
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