Atmos Renewables, a renewable energy company focused on building and operating renewable and clean energy infrastructure across Australia, acquired the 112 MWdc (90 MW ac) Karadoc solar project from BayWa r.e. in northwestern Victoria, along with an option to acquire interests in a number of their Australian wind development projects.
The Karadoc Solar project commenced operation in 2019. The project was built by Beon Energy Solutions and has over 346,000 panels, generating enough energy to power 47,000 homes and offset 188,000 tons of carbon emissions annually. Karadoc’s revenue is underpinned by long-term fixed-price energy and green certificate offtake arrangements with Flow Power and Carlton & United Breweries (owned by Asahi Australia).
With the acquisition, Atmos and BayWa r.e. entered into an agreement providing Atmos with an option to acquire interests in a series of BayWa r.e.’s wind development projects.
Nigel Baker, Chief Executive Officer of Atmos, said the acquisition of Karadoc Solar Farm, combined with an option to acquire interests in a series of wind development projects, affirms the company’s strategy of growing its portfolio of Australian renewable energy assets.
“The acquisition of Karadoc Solar Farm further expands Atmos’ already diverse portfolio of operational renewable energy assets. It is our first Victorian solar farm and complements our existing portfolio of solar and wind assets across each state of the National Electricity Market (NEM)”, Mr Baker said.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in 1H 2023, there were 116 solar project acquisitions for 25.5 GW compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Mytilineos, a Greek industrial conglomerate, recently signed a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables.