Leading funds manager Igneo Infrastructure Partners has struck a deal to buy the three Australian operating solar farms and battery storage projects owned by another global funds giant Elliott Green Power.
The deal, at an undisclosed price, will see Igneo, part of the First Sentier funds management group (formerly Colonial First State Global Asset Management”) take control of the Childers, Susan River and Nevertire solar farms with a combined capacity of 302 MW.
Each of these solar farms have “well-advanced” co-located battery developments totalling 125MW/250MWh, Igneo said in a statement, adding that construction of the battery projects is expected to commence this year.
The purchase comes 18 months after Igneo bought the Australian wind assets of UK infrastructure investor John Laing, which decided to withdraw from renewable energy projects in Australia, although it still retains interests in two major solar farms, Finley and Sunraysia.
Those wind assets – bought for a total of $285 million – included the Cherry Tree and Kiata wind farms in Victoria, the Granville wind farm in Tasmania and minority stakes in the three Hornsdale wind projects in South Australia (but not the Hornsdale big battery).
The wind and solar assets are being managed for Igneo by its Australian renewable energy subsidiary Atmos Renewables, which will absorb the Elliott Green Partners portfolio team.
“The investment in EGP demonstrates Igneo’s commitment to Australia’s renewable transition and a decarbonised energy market,” Daniel Timms, the head of asset management, Australia and New Zealand, at Igneo, said in a statement.
He said the purchase will make Atmos Renewables  the fourth largest owner of operating renewable energy assets in Australia with a total economic capacity of 865 MW. It also owns the Hayman and Daydream solar farms in Queensland.
“This marks the fourth successful acquisition by Igneo since Atmos Renewables was established in 2020,” Timms said.
“The transaction delivers on our objective to create a market leading Australian renewables business with internal management capability to deliver sustained growth and value for our investors.
EGP, part of a $44 billion global fund, did not comment on the sale. Newspaper reports said three bidders had expressed interest in the EGP assets.
