UK-based investment firm Global Sustainable Energy Opportunities (GSEO) will make a $95 million entry into Australian renewables with the acquisition of two Australian solar farms, RenewEconomy reports.
The firm intends to purchase of 17MW of solar projects across South Australia and Queensland worth $28 million, with ambitions to pair the projects with battery storage.
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“We are very cognisant of the journey which Australians have embarked on to meet the challenges of addressing climate change, whilst ensuring that the country benefits from a reliable energy system in which renewable power generation becomes fully integrated,” co-chief investment officer Richard Lum said in a statement.
“We are thrilled through this acquisition, to be part of this strong momentum to achieving global sustainable energy through investing in the fight against climate change and ensuring energy access for local communities and businesses in Australia.”
Backed by London-based investment fund Victory Hill, GSEO said it would focus its push into the Australian market on projects located near remote and regional hubs.
“A critical part of the investment strategy will be to help stabilise the grid and decrease the curtailment of renewable power generation by adding 1 to 2 hour battery storage capacity at each site,” the investment firm said in a statement.
“The deployment program will continue to extend across the country and focus on remote sites that are typically located close to clusters of commercial and industrial consumers.”
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“The aim of the strategy is to provide greater access to clean and dependable energy in remote load centres while helping accelerate the energy transition in Australia.”
The entry into the Australian market will be assisted by the locally based Birdwood Energy, which will use its experience with battery storage projects to deliver on GSEO’s strategy pair its newly acquired solar farms with battery storage capacity.
