Deal Expands Potentia Energy’s Footprint in Australia’s Renewable Sector

Potentia Energy, a joint venture (JV) between Enel Green Power and INPEX, has announced an agreement to acquire controlling stakes in a renewable energy portfolio exceeding 1GW across Australia. The Potentia Energy renewable energy acquisition deal was signed with CVC DIF and Cbus Super. This marks a significant step in expanding Potentia’s presence in the country’s renewable energy sector.

The portfolio includes a diverse mix of renewable assets. These range from operational wind and solar projects to late-stage developments with battery energy storage systems (BESS) and wind farms. The Potentia Energy renewable energy acquisition aims to boost their renewable portfolio.

Details of the Acquisition

The renewable energy portfolio comprises approximately 700MW of operational wind and solar assets across multiple states and the Australian Capital Territory (ACT). In addition, the deal includes over 430MW of late-stage projects. These include BESS in South Australia and Queensland. Additionally, there is a wind project in Western Australia that recently reached financial close.

Werther Esposito, CEO of Potentia Energy, highlighted the significance of this acquisition. He noted that it complements their existing solar and wind assets in the Wholesale Energy Market (WEM) and the National Electricity Market (NEM). He further emphasized that the new assets in Western Australia position the company to collaborate with Synergy. This is to support the state’s energy transition and decarbonisation goals. Therefore, the Potentia Energy renewable energy acquisition aligns well with their strategic goals.

Potentia Energy’s Expansion Strategy

Potentia Energy, which was formerly known as Enel Green Power Australia until its recent rebranding, already manages 309MW of solar capacity in South Australia and Victoria. They also manage a 75MW wind farm in Western Australia. The company is also actively involved in constructing a 98MW solar project and a 20MW battery hybrid project in New South Wales. Additionally, a 93MW solar farm in Victoria is nearing commissioning as part of their Potentia Energy renewable energy acquisition.

With a development pipeline exceeding 7GW across Australia, Potentia is committed to pursuing an aggressive expansion strategy. The company is focusing on wind, solar, storage, and hybrid projects to drive the country’s clean energy transition.

The transaction remains subject to regulatory approvals, including clearance from the Australian Foreign Investment Review Board (FIRB). This Potentia Energy renewable energy acquisition will further solidify their market presence.