Potentia Energy buys $1b in Australian renewables from Cbus, CVC
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The news: Renewable power group Potentia Energy has agreed to buy $1 billion worth of renewable assets located across Australia from Australian superannuation fund Cbus and European investment giant CVC Capital Partners.
The numbers: Potentia, co-owned by Italy's Enel Green Power and Japan's Inpex Corporation, has entered into an agreement with CVC and Cbus to acquire controlling stakes in a portfolio of over one gigawatt (GW) of renewable assets.
The portfolio comprises around 700 megawatts (MW) of operational wind and solar assets across multiple states and the ACT. It also features more than 430 MW of late-stage developments, including the South Australian and Queensland Battery Energy Storage System (BESS), and a Western Australian wind project.
The context: Potentia was recently announced as the new name for the jointly owned company that has been operating as Enel Green Power Australia since 2017.
Potentia's current portfolio of operating plants comprises 309 MW of solar capacity across SA and Victoria, and a 75 MW wind farm in WA. 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 also has secured rights for a development pipeline of over 7 GW across Australia.
Completion of its latest acquisition is subject to customary conditions, including Foreign Investment Review Board approval. WA's biggest electricity and gas retailer Synergy will remain as a minority partner in the portfolio of assets that Potentia has acquired in that state, known as Bright Energy Investments.
What they said: Potentia Energy CEO Werther Esposito said: "The acquisition expands and complements our existing portfolio of solar and wind assets across the wholesale energy market and national electricity market".
"We are committed to continue driving the energy transition across Australia," he said.
"Our new Western Australian assets position us to work alongside Synergy in supporting the state’s energy transition and decarbonisation ambitions."
The source: Potentia Energy media release
