Energy Estate launches USD-350m funding round to pursue renewables growth

Source: ARENA (arena.gov.au)

June 20 (Renewables Now) - Australia’s Energy Estate is seeking to raise over AUD 500 million (USD 349.7m/EUR 332.5m) in an effort to support its development activities and bankroll the construction of renewable power plants in Australia and New Zealand.

The renewables outfit said on Friday it has hired Nomura Greentech as its financial advisor for the capital raising initiative. The funding round is aimed at facilitating the firm in building a flexible renewable energy portfolio that will make it the region’s first zero-carbon independent energy producer.

Energy Estate has a diverse development pipeline across the offshore and onshore wind, green hydrogen and pumped hydro storage segments. Since it was set up in 2018, the company says it has worked on more than 30 GW of large-scale renewable energy projects, including co-development schemes.

Most recently, Energy Estate revealed plans to develop a super-hybrid green hydrogen project near Gladstone, Queensland. Known as the Flavian scheme, on which the Aussie firm is partnering with Sunshine Hydro, calls for an AUD-2-billion investment to combine technologies for pumped hydropower and green hydrogen production. In offshore wind, Energy Estate is partnering with Spanish firm BlueFloat Energy on plans to develop some 4,300MW of offshore wind capacity in Australian waters.

(AUD 1.0 = USD 0.699/EUR 0.665)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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