Potentia Energy, a renewable energy developer co-owned by Enel Green Power and INPEX, has completed the acquisition of controlling stakes in a renewable energy portfolio exceeding 1 GW across Australia. The assets were acquired from infrastructure investor CVC DIF and superannuation fund Cbus Super.
The acquisition also includes shares in Bright Energy Investments (BEI), a joint venture with Synergy, owned by the Western Australian state government. The portfolio comprises over 700 MW of operational solar and wind projects spread across multiple states and the Australian Capital Territory, along with more than 430 MW of late-stage development projects, including battery energy storage systems in South Australia and Queensland.
The acquisition has operational BEI projects, which include stage one of the Warradarge wind, the Greenough River Solar, the Albany Grasmere Wind, the Clare Solar, the Royalla Solar, and the Bungala Solar.
Macquarie Capital and White & Case advised CVC DIF, while Baker McKenzie advised Potentia Energy on the transaction. The financial details of the transaction remained undisclosed.
“This acquisition isn’t just a step forward, it’s a giant leap toward our vision for delivering the renewable energy Australia needs,” said Potentia Energy CEO Werther Esposito. “The acquisition significantly expands our capabilities within the Wholesale Electricity Market and National Electricity Market. Importantly, the Bright Energy Investments partnership will facilitate collaboration with Synergy to support the state’s energy transition and decarbonization goals.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Earlier this week, Renewable Power Capital (RPC), a pan-European renewables company, announced the acquisition of the Swedish and Finnish solar and onshore wind development business of Njordr AS, the Nordic renewable power subsidiary of Vanir Green Industries AS (VGI).
