Enerparc, a utility-scale solar company through Enerparc Australia, sold 193 MW of its Australian PV portfolio to Ingka Investments, the investment arm of Ingka Group.
The portfolio comprises three ground-mounted projects located in New South Wales, including two operational solar PV parks in Peak Hill and Trundle, near Parkes, in central-west New South Wales, with a cumulative capacity of 13.3 MW, and a third utility-scale 180 MW solar PV park currently under development which is expected to start producing electricity at the end of 2025.
The divested asset portfolio includes Enerparc’s first operational projects in Australia and the largest development to date at approximately 180 MW. This sale is part of the growing number of large-scale projects in the country, where the cumulative installed capacity of solar increased by 20% in 2022 alone.
“We are proud to have sold this solar PV portfolio in Australia to an ambitious and reputable investor, marking a significant achievement for Enerparc. This sale is a testament to the hard work of our dedicated team and the quality of our projects, and we are excited to see the positive impact of this partnership on the country’s transition to renewable energy. We remain committed to delivering innovative and sustainable energy solutions in Australia and look forward to advancing further projects of our pipeline in the near future,” said Benjamin Hannig, Managing Director of Enerparc Australia.
Osborne Clarke advised Enerparc as a legal advisor and UL as a technical advisor, while Capcora acted as a sell-side M&A advisor.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW. EEW, an independent renewable energy project developer, recently sold a 42 MW solar PV project in Sweden to a large Sweden-based solar and wind project developer. The project in southern Sweden is targeted to reach ready-to-build status in 2023 and commence operations in 2024. Once completed, the solar farm is estimated to generate around 41 GWh of clean and sustainable energy annually.