Potentia Energy acquires over 1 GW of Australian renewables portfolio

This includes 700 MW of operating wind and solar assets.

Potentia Energy, co-owned by Enel Green Power and INPEX, has sealed an agreement with CVC DIF and Cbus Super to acquire controlling stakes in over 1 gigawatt (GW) of renewable energy assets across Australia.

In a statement, the company said the portfolio comprises around 700 megawatts (MW) of operational wind and solar facilities,  more than 430 MW of late-stage developments, including South Australian and Queensland Battery Energy Storage System (BESS), and a Western Australian wind project.

“The acquisition expands and complements our existing portfolio of solar and wind assets across the Wholesale Energy Market (WEM) and National Electricity Market (NEM),” said Potentia Energy CEO Werther Esposito.

The company currently has 309 MW of operating solar capacity in South Australia and Victoria, and a 75 MW wind farm in Western Australia. 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.

The completion of the acquisition is subject to typical conditions for transactions of this nature, including the Foreign Investment Review Board approval.