BJEI Australia’s planned 1 GW solar acquisition in doubt

Chinese state-owned company Beijing Energy International has reportedly abandoned its bid to acquire a more than 1 GW package of Australian solar farms after failing to secure approval from the Foreign Investment Review Board.

February 10, 2025 David Carroll

Image: Beijing Energy International

Beijing Energy International (BJEI) Australia announced in December 2023 it had signed an $813 million (USD 509 million) agreement to buy five large-scale solar projects from British-owned developer Lightsource bp but the deal is likely to be scrapped.

BJEI Australia – which has also announced plans to acquire Sydney-headquartered energy retailer TPC in a deal valued at up to $180 million – had been awaiting approval from Australia’s Foreign Investment Review Board (FIRB) for the Lightsource bp deal for more than 12 months, but the sale has reportedly now collapsed.

It is understood the FIRB has not rejected the deal outright but the Australian Financial Review says the 12 months-plus wait time on securing its approval was enough to kill the sale.

The portfolio includes the 200 MW (dc) Wellington, 400 MW (dc) Wellington Noprth, and the 107 MW (dc) West Wyalong solar farms in New South Wales. Also included in the portfolio are the 210 MW (dc) Woolooga solar farm in Queensland and 90 MW (dc) Wunghnu solar farm in Victoria.

It is expected the portfolio will now be offered to other potential buyers.

Foreign investments into Australia in the renewables sector have come under close scrutiny as Canberra deems the electricity sector to involve critical infrastructure essential to maintaining the country’s national security.

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