Deep-pocketed global investor Carlyle has hived off Amp Energy’s Australian and UK projects businesses into a new brand named Revera Energy.
Carlyle reportedly took control of the portfolios after a recapitalisation deal in March, according to the AFR.
The new entity, backed by Carlyle’s infrastructure business, is now running the construction of stage 1 of the 250 megawatt (MW) / 700MWh Bungama battery project in South Australia, which Amp reached financial close on in February, as well 750MW of batteries, 2.3 gigawatts (GW) of solar and 1.4MW of wind projects.
The portfolio also includes the very early stage 1GW Cape Hardy Green Hydrogen Project on the Eyre Peninsula, and financing for 158MW of operating solar farms in New South Wales (NSW).
Carlyle Infrastructure Group managing director Richard Hoskins is chair of the new entity. Amp Energy’s former UK head Ben Skinner will run that portfolio while the former Australian manager Daniel Kim will continue to oversee the local team.
“We believe [the launch of Revera] marks a new growth phase for the platform’s dedicated staff and leadership team, and strengthens existing project commitments,” Hoskins said in a statement.
“We plan to leverage the expertise and resources of Carlyle’s global infrastructure platform to help accelerate Revera’s growth and to expand its portfolio of diversified energy projects.”
Carlye bought into Toronto-based Amp Energy with a $US374 million investment in 2021. Amp tried to sell off its Australian renewables portfolio in 2023 but to no avail, and the developer decided instead to build the projects.
The projects retain their existing lenders, who include Nomura Infrastructure & Power, CBA, Westpac, Natixis CIB, and Export Development Canada.
In the UK, Revera starts with 1.2GW of late-stage battery projects.
Its Australian projects are another two big solar and battery projects in South Australia, at Robertstown and Yorndoo Ilga – a partnership with landowners the Barngarla People – and it owns two operating solar farms Hillston and Molong in NSW.
Construction on the flagship Bungama battery started in October with an anticipated start date early 2026.
Carlyle’s move into the Australian battery development business follows similar deals executed by global rivals Brookfield, which bought Neoen, and Blackrock, which backs Akaysha Energy.
