ENGIE Australia & New Zealand
Sale of the 119 MW Willogoleche Wind Farm and establishment of the Australian Renewable Energy Trust
On 13 October, ENGIE Australia & New Zealand (“ENGIE ANZ”) announced the establishment of the Australian Renewable Energy Trust (“ARET”) and sell down of a 75% interest in ARET to Infrastructure Capital Group (“ICG”). ARET is a renewables partnership between ENGIE ANZ and ICG, aiming to facilitate the development, acquisition, construction and operation of Australian renewable energy assets (focusing on onshore wind and solar PV).
Upon transaction close, ARET will be seeded with the 119 MW Willogoleche Wind Farm, an operational wind project located in South Australia. ARET will also have exclusive rights to a pipeline of more than 1,300 MW of onshore wind and solar PV development projects throughout Australia.
ENGIE ANZ is a joint venture between global energy giant ENGIE (72%) and Japanese trading house Mitsui (28%). ENGIE and Mitsui have successfully collaborated with other investors on similar joint ventures and renewables platforms globally. Australia has been identified as a target country for ENGIE where it aims to grow its renewable portfolio to more than 2 GW by 2030.
ICG is a leading Australian infrastructure manager, with approximately A$2.5 billion of equity under management and a diversified portfolio of infrastructure assets. ICG has more than 575 MW of operating renewable energy generation capacity under management, and has been investing in renewable energy for over 15 years.
Azure Capital and Natixis acted as joint financial advisers to ENGIE ANZ including the provision of valuation, structuring and strategic advice, and the negotiation of relevant transaction agreements.