TagEnergy, the owner of Australia’s biggest wind project, has announced the purchase of a six gigawatt (GW) pipeline of renewable and storage projects as it seeks to rapidly ramp up its presence in Australia.
TagEnergy says the acquisition of the German-owned early-stage developer Ace Power will “supercharge” its growth in Australia, and add a 27-strong development team, taking total staff to more than 60 and its total portfolio to more than 10 GW.
The purchase puts TagEnergy, co-founded and led by former Neoen Australia boss Franck Woitiez, among the top renewable and storage developers in the country. It is already building the partially complete 1.33 GW Golden Plains wind farm in Victoria, which is the biggest in the southern hemisphere.
Woitiez told Renew Economy that Australia is one of the most exciting and promising places in the world to deliver the green energy transition, thanks to its relatively stable policy, regulatory environment and the sheer scale of what can be done.
“I think the opportunity in Australia is the scale of what we can build, what we can develop and deliver,” he said.
Ace Power has been one of the most active early stage developers in the market, but when its majority owner Pelion decided that it needed capital to grow the business, and sought offers in March, TagEnergy seized the opportunity.
“TagEnergy and Ace Power share the same entrepreneurial spirit and bold ambition, and by bringing our strengths together we’re creating an Australian clean energy champion,” Woitiez said.
Of particular interest to TagEnergy is the diversity of the Ace Power portfolio, with wind and battery development proposals – and some solar hybrid projects – in each major state.
The first project that TagEnergy will likely develop will be its own 150 MW, 600 MWh battery at Golden Plains, followed by Ace Power battery projects in Queensland and then NSW.
No wind project has reached financial close in Australia so far in 2025, and one of the last to do so was the second stage of the $4 billion Golden Plains facility in June last year. The first stage was financed in 2022 entirely on a “merchant basis”, and Woitiez says his experience with Neoen and TagEnergy show he is not afraid of complexity.
“I think that in my 15 years in the renewables business, when it was hard and different, we succeeded and we have created value for shareholders,” Woitiez said.
“We have succeeded in doing things that others can’t do. When we (TagEnergy) decided to invest in Australia with a gigawatt scale wind farm (the first such project in Australia), it was a very tough bet and very ambitious goal, and we’re now delivering the 1.33 GW Golden Plain wind farm.
“So, I wouldn’t say we always like complexity, but I think we can differentiate ourselves with things that are a bit more innovative, different, or eventually complex.”
Andrew Riggs, the managing partner of TagEnergy in Australia, says the company will focus on the completion of Golden Plains, the integration of Ace Power, and seek to develop its Golden Plains battery later this year, and the first of the Ace Power batteries in 2026.
But he says it could be until 2027 before it reaches FID on another wind project, because of its near term focus on other projects, and because the market is not easy.
“I think the spread between the LCOE (levelised cost of energy) and what people are willing to pay for wind at the moment probably doesn’t reflect the value in the product, but that will change as coal comes out,” Riggs said.
“I think (energy) retailers are loath to put their hands in their pockets, as your colleague David Leitch rightly points out, and I think we’ve been fortunate on Golden Plains that we chose an asset there which stands quite proud in the market on its own.
“We hope that the market will tick up a little bit. But it doesn’t surprise me that people are having troubles. Because if you’re facing headwinds on approvals, as well as retailers in a field of many, it’s a tough sell right now.”
Riggs says that the mix of wind and battery storage makes sense, but he is not convinced – despite the Golden Plains plans – that they need always to be co-located. But solar hybrids are also of interest.
TagEnergy is headquartered in Portugal, and its backers include the French based Impala group run by Jacque Veyrat, who also backed Neoen before its recent sale to Brookfield. Riggs says the company hopes to spend $1 billion a year in Australia, which will attract more than half of its project developments.
In a statement, Ace Power founder and managing director Andy Scullion said the company had achieved a lot in four years, and he will remain in charge of the development activities under the new owner.
“The scale of the pipeline was getting to the point where we wanted to pivot and seek a capital partner with long-term ownership ambitions,” he said. “TagEnergy have proven themselves as one of the largest and most committed owner/operators in Australia, so it is the perfect combination with very complimentary teams.”
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