Petronas nearing USD-690m deal for Wirsol's Aussie assets - report

Malaysian oil and gas company Petroliam Nasional Bhd, better known as Petronas, is close to buying the Aussie renewable energy assets of Germany-based Wirsol in a deal that could be worth up to AUD 1 billion (USD 691.4m/EUR 639.7m), Reuters reports.

The potential deal covers Wirsol’s solar photovoltaic (PV) parks in Australia and a large project development pipeline, sources in the know have said. According to one of them, the target assets could be sold for between AUD 900 million and AUD 1 billion.

Wirsol, part of Germany’s Wircon Group, operates 746 MW of utility-scale solar parks across seven sites and also has a development pipeline of roughly 700 MW. The German firm has been trying to offload the platform since last year, but, according to a banker quoted by Reuters, its attempts have so far been unsuccessful due to grid congestion issues affecting some of its projects.

Last summer, Petronas set up a new platform to provide renewable energy, hydrogen and green mobility solutions and pledged to reach between 30 GW and 40 GW of installed renewables capacity, mostly solar, by the end of the decade.

(AUD 1.0 = USD 1.446/EUR 1.563)

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