EDP Renewables (EDPR), the clean energy arm of Portuguese utility EDP, has acquired ITP Development for an unspecified sum as part of its broader strategy to capitalise on Australia’s renewable energy targets.
EDPR said the transaction delivers more than 1.5 GW of renewables capacity, with ITP Development holding a pipeline of wind and solar projects at various stages of development. The projects, mostly located in New South Wales (NSW) and Queensland, also include options to co-locate battery energy storage systems.
ITP Development has primarily focused on sub-5 MW solar projects but the portfolio absorbed by EDPR also includes a 480 MWp PV and 200 MW battery project in Queensland that is at an “advanced stage” of development. EDPR said the facility is expected to enter into operation by 2026.
The company said its acquisition of ITP Development allows it to expand its Asia Pacific presence and tap into Australia’s substantial growth prospects in renewable energy.
The Australian government has set a target of 82% use of renewable energy across the power system by 2030 – an ambition that seeks to boost renewable energy generation and storage capacity by 32 GW by the end of the decade.
“Australia is one of the markets with higher potential in the region,” EDPR said, adding that it is also “one of the most advanced countries in storage regulation and implementation.”
EDPR Australia Country Director Simon Franklin said the company is increasingly focused on markets with favourable decarbonisation opportunities and Australia aligns closely with this strategy.
“As a market, Australia presents a compelling investment opportunity due to its strong fundamentals – including a clear route-to-market, regulatory stability, robust climate targets and market depth in renewables,” he said.
“These fundamentals enable value maximisation in renewables and positions Australia as a strategic growth area for EDPR.”
“We aim to leverage these favourable opportunities to drive sustainable growth and contribute towards a cleaner energy future in Australia and the APAC region.”
Franklin said EDPR, which has already installed 905 MW in solar capacity across the APAC region, will now look to capitalise on ITP Development’s local expertise as well as deploying its global scale, technical proficiency, and energy management know-how to Australia.
The company’s focus in Australia is expected to be on greenfield development of large-scale wind and solar projects coupled with energy storage solutions.
APAC is one of EDP’s four regional hubs, which together account for more than 26 GW of installed capacity worldwide. The company is targeting 50 GW of renewable energy capacity by 2030.
EDPR’s buyout of ITP Development follows the recent decision by a NSW court to reject the developer’s application to build a 10 MW solar farm in the state’s mid-west.
ITP Development was contacted for comment.
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