Asian oil giant targets solar, batteries and hydrogen after buying Australian portfolio

Malaysian oil and gas company Petronas’ clean energy subsidiary Gentari has completed the acquisition of leading Australian renewable energy company Wirsol Energy, including its 422MW of operating capacity and 765MW renewable energy pipeline.

Confirming a report from earlier this month, Gentari, through its local subsidiary Gentari Renewables Australia, has completed the acquisition of Wirsol Energy and all its assets, from parent company and German renewable energy group Wircon.

The acquisition – for a rumoured price of up to $1 billion – marks Gentari’s entry into the Australian renewable energy market, and is part of the new company’s larger goal of reaching a renewable energy portfolio worth between 30-40GW by 2030.

Officially launched in September 2022 and wholly owned by Petronas, Gentari is aiming to become “a one-stop integrated clean energy solutions provider”.

In Australia, Gentari hopes to increase both its solar capacity and battery energy storage system capabilities, positioning itself as a green hydrogen producer.

“Australia offers strong market potential, underpinned by supportive government policies and a robust financing ecosystem, making the investment into Wirsol Energy a natural choice for Gentari,” said Sushil Purohit, CEO of Gentari.

“This addition to Gentari’s portfolio will enable us to continue our efforts in building capacity for delivering integrated sustainable energy solutions, to help customers make the journey to net zero emissions.”