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Japan’s Inpex secures 50% share of Enel’s Australian solar portfolio – pv magazine International

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Japanese oil and fuel provider Inpex has agreed to purchase 50% of Enel Group’s Australian renewables platform, Enel Inexperienced Energy Australia. The deal provides Inpex joint management of a photo voltaic portfolio with 254 MW of put in capability and one other 170 MW of renewables below development.

From pv journal Australia

Japan’s largest petroleum firm, Inpex, stated it’s going to purchase 50% of Enel Inexperienced Energy Australia (EGPA) in a transaction valued at about AUD 654 million (€450.4 million), together with approx. of $230 million in debt.

Inpex, which operates the Ichthys LNG plant close to Darwin, stated the acquisition could be made by way of its newly fashioned subsidiary, Inpex Renewable Vitality Australia. In an announcement, Inpex stated that upon completion of the transaction, it’s anticipated to collectively management EGPA, which can handle the corporate’s present renewable era portfolio and proceed to develop the undertaking pipeline.

“This ensures that EGPA continues to drive Australia’s ongoing power transition, accelerating its contribution to attaining the nation’s internet zero goal,” Inpex stated.

EGPA’s operational belongings embody the 34 MW Cohuna Photo voltaic Farm in Victoria and its 51% stake within the Bungala 1 and Bungala 2 photo voltaic farms, which ship a mixed 220 MW of era capability to the grid in South Australia. It has additionally began development on the 93 MW Girgarre Photo voltaic Farm in central Victoria and the 76 MW Flat Rocks wind farm in Western Australia.

Enel stated it’s also creating “an vital portfolio of wind, photo voltaic, storage and hybrid initiatives throughout Australia, together with increasing its actions in modern options inside its retail operations and commerce.”

Final 12 months, it stated it had obtained preliminary approvals from the Australian Vitality Market Operator (AEMO) for a 96 MW photo voltaic farm and 20 MW battery power storage system to be constructed at Quorn Park within the central west of New South Wales. It additionally introduced proposals for a photo voltaic and hybrid battery undertaking in Bouldercombe, Queensland, and a battery storage conversion in Bungala.

Enel stated the transaction is in keeping with its present strategic plan, which “considers the implementation of partnerships in sure companies and geographies to boost worth creation.” The closing of the sale stays topic to sure situations, together with clearance from the Australian International Funding Assessment Board and Antitrust authorities.

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