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EGP acquired by global investment manager
Global investment manager Igneo has acquired an Australian energy company, in a move to become one of the largest owners of operating renewable energy assets in Australia.
Lauren Croft
Firm: Allens (Igneo)
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Deal: Allens has advised global investment manager Igneo Infrastructure Partners on the acquisition of Elliott Green Power Australia (EGP) through Igneo’s Australian renewables business, Atmos Renewables.
Value: Undisclosed
Area: Merger and acquisition
Key players: The Allens team was led by partner Vijay Cugati, managing associate Chris Travers, associates Monique Fraser and Krish Nadarajah and graduate Michelle Li.
Deal significance: Under the deal, Atmos Renewables has acquired EGP’s portfolio of the 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 over 100,000 homes. Each solar farm includes well-advanced co-located battery developments totalling 125 megawatts / 250 megawatt hours.
Upon completion of the deal, Atmos Renewables became the fourth-largest owner of operating renewable energy assets in Australia.
Lead partner Vijay Cugati said that “this is a significant deal for Igneo and one that we are pleased to have advised on”.
“This deal continues the theme of the market’s strong confidence in the future of renewables in Australia and will cement Igneo’s place as a market leading Australian renewables platform. We look forward to seeing the business continue to support Australia’s energy transition,” he added.
