- Potentia Energy announces strategic acquisition of a portfolio of high-quality renewable assets across Australia.
- The assets are diversified across geographies, technologies, energy markets and development stages, offering valuable synergies with Potentia Energy’s existing portfolio.
- The company recently announced ‘Potentia Energy’ as the new name and brand identity for its business.
Potentia Energy, co-owned by Enel Green Power and INPEX, has entered an agreement with CVC DIF and Cbus Super to acquire controlling stakes in a significant portfolio of over 1 gigawatt (GW) renewable assets across Australia.
The geographically and technologically diverse portfolio comprises approximately 700 megawatts (MW) of operational wind and solar assets across multiple states and the Australian Capital Territory, alongside more than 430 MW of late-stage developments, including South Australian and Queensland Battery Energy Storage System (BESS), and a Western Australian wind project which recently achieved Financial Close.
Potentia Energy CEO, Werther Esposito, said the strategic acquisition affirms the company’s ambitious growth strategy for Australia and support by its shareholders.
'We are incredibly pleased to announce our acquisition of a portfolio diversified across geographies, technologies and energy markets, including both operational and development stage projects.
'The acquisition expands and complements our existing portfolio of solar and wind assets across the Wholesale Energy Market (WEM) and National Electricity Market (NEM).
'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.
'With strong support from our shareholders, Enel Green Power and INPEX, we are harnessing combined global expertise, innovative drive and access to competitive capital, to unlock extraordinary growth opportunities and work towards powering the potential of tomorrow,' Mr Esposito said.
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. Potentia Energy’s current portfolio of operating plants comprises 309 MW of solar capacity across South Australia and Victoria, and a 75 MW wind farm in Western Australia. Construction is underway on a 98 MW solar and 20 MW battery hybrid project in New South Wales, with an additional 93 MW solar farm under commissioning in Victoria.
Potentia Energy has rights secured for a development pipeline of over 7 GW across Australia and is committed to an ambitious growth agenda, targeting a significant increase to its installed capacity across wind, solar, storage and hybrid projects across Australia.
Completion of the acquisition is subject to typical conditions for transactions of this nature, including Foreign Investment Review Board (FIRB) approval.
Source: Potentia Energy
