Global investment manager Igneo has acquired an Australian energy company, aiming to become one of the largest owners of renewable energy operating assets in Australia.
Solidify: Allens (Igneo)
OK: Allens advised global investment manager Igneo Infrastructure Partners on the acquisition of Elliott Green Power Australia (EGP) through Igneo’s Australian renewable energy business, Atmos Renewables.
Area: Merger and acquisition
Key players: The Allens team was led by partner Vijay Cugati, managing partner Chris Travers, partners Monique Fraser and Krish Nadarajah and graduate Michelle Li.
Significance of agreement: As part of the deal, Atmos Renewables acquired EGP’s portfolio of Childers, Susan River and Nevertire solar farms with a combined capacity of 302 megawatts, generating approximately 500 gigawatt hours of energy annually, enough to power more than 100 000 homes. Each solar farm includes well-advanced co-located battery developments totaling 125 megawatts / 250 megawatt hours.
Upon closing of the deal, Atmos Renewables became the fourth owner of renewable energy operating assets in Australia.
Lead partner Vijay Cugati said “this is an important deal for Igneo and one we are delighted to have been advised on.”
“This agreement continues the theme of strong market confidence in the future of renewable energy in Australia and will cement Igneo’s place as Australia’s leading platform in the renewable energy market. We look forward to seeing the company continue to support Australia’s energy transition,” he added.