Japan’s Inpex buys 50% stake in Enel Green Power

Aerial shot of solar panels at Enel Green Power's Bungala Solar Project in Australia (Inpex)
Bungala Solar Project (Image: Enel Green Power)

Japan’s Inpex has purchased a 50% share in Enel Green Power Australia, the renewable business of Italy’s Enel, as the Japanese oil and gas company expands into the renewables sector.

Related article: Italy’s Enel to build first wind farm in Australia for BHP

Inpex is Japan’s largest oil and gas producer but has offshore wind assets both in Europe and Japan along with other renewable energy projects.

Inpex has agreed to buy half of Enel Green Power Australia, which has three solar plants totalling 310MW capacity, a 76MW wind farm under construction and has another 93MW  solar project on the way.

The deal put Enel Green Power Australia’s enterprise value at around AUD$652 million  including $228 million in debt.

Related article: INPEX ships first LNG cargo

Inpex’s biggest project in Australia is the Ichthys liquefied natural gas (LNG) plant, where it plans to increase capacity to 9.3 million metric tons per year by 2024 from 8.9 million metric tons.

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