$4 billion expected from sale of Naturgy’s 1.3 GW portfolio-holder GPG Australia


The owners of Global Power Generation Australia, Naturgy and Wren House Infrastructure, an arm of the Kuwait Investment Authority, have appointed Morgan Stanley to review options for the business sale. It is expected to go to market in the first quarter of 2024 and be worth around $4 billion (USD 2.64 billion), the Australian Financial Review has reported.

Global Power Generation (GPG) Australia should have a portfolio  capacity of around 1.3 GW either operational or in construction by the time of the sale, the outlet reported.

GPG Australia’s portfolio includes the Cunderdin project in Western Australia, a 125 MW (DC) solar farm coupled with a 55 MW / 220 MWh battery which was slated for construction in 2022; the 180 MW Berrybank 1 Wind Farm and the 109 MW Berrybank 2 in Victoria; the 96 MW Crookwell 2 Wind Farm and 57 MW Crookwell 3 in New South Wales; and a 10 MW / 20 MWh Battery Energy Storage System located in the Australian Capital Territory. 

The company’s sale is expected to attract similar interest to the high-profile CWP Renewables auction in 2022, which saw bids from Iberdrola, Tilt Renewables and Origin. CWP Renewables, the Australian outfit for CWP, was eventually acquired by Squadron Energy, part of the Andrew Forrest’s family’s Tattarang Group, reportedly for more than $4 billion.

Berrybank 2 wind farm in Victoria is one of the assets owned by GPG Australia.

Image: GPG Australia

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