Sydney headquartered clean energy developer Potentia Energy, formerly Enel Green Power Australia and co-owned by Italy’s renewable developer Enel Green and Japan’s oil and gas company INPEX, has acquired over 1 GW of Australian renewable assets as part of its growth strategy.
Potentia has entered an agreement with the renewables arm of Netherlands-based private markets manager Citicorp Venture Capital (CVC), known as CVC Dutch Infrastructure Fund (DIF) and Melbourne-based Construction and Building Unions (Cbus) Super to acquire controlling stakes in the assets.
They are diversified across geographies, technologies, energy markets and development stages and include approximately 700 MW of operational wind and solar assets in multiple states and the Australian Capital Territory (ACT).
More than 430 MW of late-stage developments in the mix include South Australian (SA) and Queensland battery energy storage systems (BESS), and a Western Australian (WA) wind project which recently achieved financial close.
Potentia Energy Chief Executive Officer Werther Esposito said the strategic acquisition affirms the company’s ambitious growth strategy for Australia.
“The acquisition expands and complements our existing portfolio of solar and wind assets across the wholesale energy market (WEM) and national electricity market (NEM),” Esposito said.
“We are committed to continue driving the energy transition across Australia. Our new Western Australian assets position us to work alongside Synergy in supporting the state’s energy transition and decarbonisation ambitions.”
Potentia Energy was recently announced as the new name for the jointly owned company that has been operating as Enel Green Power Australia since 2017.
The company’s current portfolio of operating plants comprises 309 MW of solar capacity across SA and Victoria, and a 75 MW wind farm in WA. Construction is underway on a 98 MW solar and 20 MW battery hybrid project in New South Wales (NSW), with an additional 93 MW solar farm under commissioning in Victoria.
It also has rights secured for a development pipeline of over 7 GW across Australia.
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Exciting news! Potentia’s expansion with 1 GW of new renewable energy acquisitions is a strong step forward for Australia’s clean energy transition. As solar power continues to grow, both businesses and homeowners have more opportunities to embrace sustainable energy solutions.
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With Australia’s renewable energy sector expanding rapidly, do you think we’ll see even more incentives for homeowners to go solar?