Finance

The investment arm of Ikea franchisee owner Ingka Group has added to its utility scale renewable energy assets in Australia with the acquisition of a 195 MWp solar farm portfolio from the regional division of German renewables developer Enerparc.

The Australian government’s plan to establish a $15 billion (USD 10 billion) national reconstruction fund to support domestic manufacturing in future industries and reduce the nation’s dependence on imports has become a reality with the investment vehicle rubber stamped by both houses of parliament.

The International Renewable Energy Agency (IRENA) told Berlin Energy Transition Dialogue participants this week that USD 5.4 trillion ($8 trillion) of annual investment is needed to support the global shift to renewables. Kenyan President William Ruto, meanwhile, called for a fair energy partnership between Europe and Africa.

With many of the top choice land parcels for renewable development now taken, the question of where to put new projects in Australia is growing troublesome. Australian company Rela thinks it has a novel solution – one which rests on levelling the knowledge playing field between landowners and developers. “If the counter party is your sole source of knowledge about this whole [renewable] ecosystem, of course you’re hesitant,” director Michael Katz tells pv magazine Australia.

Western Australia’s regional utility, Horizon Power, has bought a 50% stake in local solar company West Australian Alternative Energy.

Australian super funds Hesta and Aware Super have become minority partners into a newly launched renewable energy platform, Intera Renewables. Orchestrated by infrastructure manager Palisade Investment Partners, the fund aims to provide investors with diversified assets in terms of location, technology and offtakers, targeting stable returns and funding for new projects.

A $18.7 billion (USD 12.5 billion) takeover deal for Origin Energy has been struck with a consortium led by Canadian giant Brookfield. Brookfield’s vision for Origin involves spending “at least” $20 billion to build new renewables and storage, using Origin and its customer base as a vehicle for transition.

Australian renewable energy developer MPower plans to step up its activities after establishing a funding relationship with international investment firm Singapore outfit Ampyr Energy that will help finance the growth of its portfolio of mid-scale solar power and battery energy storage projects.

Australia has been warned it must act swiftly to capture the economic and strategic opportunities of a booming battery industries sector that is predicted could provide $55.2 billion (USD 36.87 billion) in additional gross domestic product to the economy by the end of the decade.

Canadian investment giant Brookfield will acquire the remaining 50% stake in Spain-based renewables developer X-Elio from its joint venture partner, investment firm KKR. X-Elio has more than 500 MW of projects in development in Australia and the move from Brookfield, which is also currently looking to takeover Origin Energy, a major Australian “gentailer,” extends the ambitious company’s hold in Australia.