Atmos adds BayWa r.e. projects to expanding renewables portfolio

Atmos Renewables, the renewable energy arm of investment manager Igneo Infrastructure Partners, announced it has taken full ownership of the operating Yatpool and Hughenden solar farms, the advanced Bullawah wind project and a number of earlier stage development projects from BayWa r.e..

Sydney-headquartered Atmos said the acquisition increases its operational portfolio to 19 solar, wind and battery energy storage assets and lifts its operating and in-construction capacity beyond 2 GW, placing it among Australia’s larger renewable energy owner-operators.  

The 106 MW Yatpool Solar Farm is located in northwest Victoria and entered into commercial operation in 2021 with its revenue supported by an offtake arrangement with Australian electricity retailer Flow Power. The asset is about six kilometres from the 112.5 MW Karadoc Solar Farm that Atmos acquired from BayWa r.e. in 2023. 

The 20 MW Hughenden Solar Farm is in central Queensland and has been operating since 2018. The project has a power purchase agreement (PPA) in place with Queensland government-owned gen-tailer CS Energy.  

Atmos has also acquired the Bullawah Wind Farm project proposed for southwest New South Wales (NSW) and several earlier stage developments. The Bullawah project includes plans for up to 800 MW of wind generation alongside a 359 MW two-hour battery but currently only has access rights for a 262 MW wind stage.

Atmos Chief Executive Officer Nigel Baker said together, the projects add further scale and diversity to the company’s growing portfolio.

“This acquisition strengthens our portfolio in two important ways,” he said. “Yatpool and Hughenden add further diversity to our operating portfolio, while the 262 MW Bullawah project positions the company to deliver its first NSW wind farm in the near term, given the advanced state of that project and the REZ access rights it holds.”  

“This allows us to expand the Atmos operating portfolio immediately, while investing in a significant wind project in the NEM region of greatest customer demand.”  

The acquisition follows Atmos’ announcement earlier this month that it had reached financial close on two large-scale projects that will deliver a combined 870 MW of new renewable energy capacity. The projects include the 400 MW / 1,600 MWh Teebar Battery Energy Storage System in Queensland and the 470 MW Parron Maam Marang Farm in Western Australia.

For BayWa, the transaction comes as it presses ahead with a “strategic realignment” revealed earlier this year. In March, the company announced it would turn its focus to “specific core markets” in Europe due to “significantly clouded market conditions” for the renewable energy sector.

BayWa Chief Operating Officer said  Daniel Gäfke the transaction highlights the company’s expertise in identifying, advancing and mitigating risk in large-scale renewable energy developments.

“The successful transfer to Atmos Renewables highlights the strength of high-quality, investment-ready assets and the continued interest in renewable energy infrastructure opportunities,” he said. “We are convinced that these projects will continue to generate significant value under the new owner.”  

Baker said BayWa is now working closely with Atmos to ensure a smooth transition, adding that existing PPAs, landowner agreements and stakeholder commitments will be honoured.