ENGIE and Mitsui launch Australian Renewable Energy Trust

Coles, renewable energy training, ERM Power

ENGIE Australia & New Zealand, a joint venture between ENGIE and Mitsui, will look to accelerate the growth of its renewable energy portfolio in Australia, through an innovative equity finance platform in partnership with Infrastructure Capital Group (ICG).

The Australian Renewable Energy Trust builds on ENGIE’s successful global approach of partnering with investors to accelerate the development of renewable energy projects that deliver affordable green energy. The partnership approach has led to the development of more than 3600 MW of renewable capacity in France, Mexico and India.

ENGIE ANZ chief financial officer Gary Brown said the platform enabled ENGIE to meet growing customer demand for long-term renewable Power Purchase Agreements (PPAs) at a competitive price.

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“To meet our ambition to accelerate the development of renewable energy assets, we’ve selected an experienced partner who sees the value in joining forces and investing with us in a strong renewables portfolio. ICG’s long-term vision and expertise in the sector will help ENGIE ANZ build more renewable energy projects in Australia, while supporting the ongoing operations of our assets and contributing to the communities where they’re located.”

ENGIE ANZ will be the operator of the portfolio of renewable assets, including the 119 MW Willogoleche Wind Farm in South Australia and be responsible for developing its pipeline of wind and solar development projects, which will be transferred to the platform before construction.

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“ENGIE ANZ has a healthy pipeline of wind and large-scale solar developments in New South Wales, Victoria and Queensland and we are actively exploring new asset projects in these and other locations,” Mr Brown said.

“The Australian Renewable Energy Trust will allow ENGIE ANZ to develop more renewable assets, supporting our ambition of accelerating the transition to a carbon-neutral economy.”

Advisers for the partnership included Azure Capital, Natixis and Herbert Smith Freehills.