Origin Energy, an Australia-based renewable energy company, acquired the Yarrabee Solar project in the Riverina district, NSW.
The financial terms of the acquisition were not disclosed.
The first stage of the project is expected to comprise 450 MW, with the potential for up to 900 MW under the planning approval obtained from the NSW government in December 2018.
The project was co-developed by Reach Solar Energy and PwC Australia.
The company recently acquired the 74 MW Carisbrook Solar project in central Victoria. The project will reach commercial operations in 2023, subject to regulatory approvals.
“Origin aims to lead the energy transition to net-zero emissions through cleaner energy and customer solutions, and the acquisition of the Yarrabee Solar Farm development project demonstrates further progress on this ambition,” said Greg Jarvis, Executive General Manager of Energy Supply and Operations at Origin Energy.
“We believe the Yarrabee Solar Farm can play an important role in helping Origin provide cleaner energy to our customers while also reducing emissions from our generation portfolio,” he added.
This week, Ventient Energy, a non-utility generator of renewable energy, acquired a 443 MW renewable portfolio in the Spanish region of Castilla y Leon.
According to Mercom’s Q1 2022 solar funding and M&A report, a total of 23 GW of solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Of these, project developers and independent power producers were the most active in the quarter, with over 17 GW of projects being acquired by them, followed by investment firms and funds, which acquired 3.6 GW.