Igneo Infrastructure to snap up 302 MW of Aussie solar from Elliot Green Power

Global investment manager Igneo Infrastructure Partners has struck a deal to buy the 302-MW Aussie solar portfolio of Elliott Green Power Australia, part of US peer Elliott Management Corporation.

Financial details about the acquisition were kept under wraps. The Australian Financial Review reports that the value of the deal will not exceed AUD 500 million (USD 361.2m/EUR 336.5m).

Igneo, through its Australian renewable energy subsidiary Atmos Renewables, will take possession of three solar parks, each of which will be coupled with a battery storage capacity totalling 125 MW/250 MWh.

The 98-MW Susan River photovoltaic (PV) farm in Queensland as well as the 75-MW Childers and 132-MW Nevertire parks in New South Wales operate under long-term off-take contracts for power and green certificates with investment-grade counterparties. The plants’ combined output of 500 GWh per year is enough to cover the consumption of over 100,000 homes.

The battery storage projects at each of the three sites are well-advanced, with construction slated to begin this year.

As part of the transaction, Igneo will also integrate Elliott Green Power Australia’s management team into Atmos Renewables.

Elliot put its solar power generation portfolio up for sale last year. Apart from Igneo, Infrastructure Capital Group was supposedly vying for the assets.

(AUD 1.0 = USD 0.722/EUR 0.673)

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