Atmos Renewables, the clean energy arm of investment manager Igneo Infrastructure Partners, has completed a $400 million capital raise with the combined debt and equity to support the next phase of growth for the renewable energy platform.
Igneo said the capital will support the financial close of the 100 MW / 400 MWh Merredin battery energy storage system being constructed in Western Australia (WA). Developed in partnership with Nomad Energy, the $220 million project will be delivered by Tesla and WA-based contractor GenusPlus Group, with operations expected to commence by mid-2027.
The new capital will also support the acquisition of Neoen’s majority interest in the 316 MW Hornsdale Wind Farm in South Australia, with Atmos assuming full ownership of the project and provide liquidity to advance Atmos’ development pipeline toward financial close.
Atmos said it has 5 GW of solar, wind and battery storage projects under development and more than 1.5 GW across 18 renewable assets in operation and under construction. Atmos aims to deliver more than 1 GW of renewable energy projects from its development pipeline within the next two to three years, representing more than $3 billion in investment. Its portfolio spans the National Electricity Market (NEM) and Wholesale Electricity Market (WEM), with projects in Queensland, New South Wales, Victoria, Tasmania, South Australia, and WA.
Atmos Chief Executive Officer Nigel Baker said the transactions mark a new operational milestone for the business and reinforces its national footprint as a long-term renewable energy operator.
“This is a milestone that reflects not just scale, but operational maturity,” he said.
“Managing more than 1 GW of clean energy assets in-house signals that we’re here for the long haul and set up for further growth – with the people, systems and experience to operate responsibly and efficiently at scale.”
Australian superannuation funds Cbus Super, MLC and AMP Super led the raise with the Cbus acquiring an equity stake in Atmos. Igneo will maintain decision making control of Atmos. No further details of the deal were released.
Cbus Chief Investment Officer Leigh Gavin said its stake in Atmos gives its members greater exposure to a diverse range of renewable energy assets and will support key new developments.
“First and foremost, we believe this investment will stack up on returns,” he said. “Atmos’ geographic diversity, long-term contracts and potential development pipeline make it a highly attractive investment.”
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