Renewable energy developer Yanara has obtained a €150m ($171.4m) investment from Mirova, an affiliate of Natixis Investment Managers, to support its utility-scale renewable energy portfolio in Australia.
The funding is intended to expand more than 2GW of renewable energy infrastructure across Victoria, New South Wales (NSW), and Western Australia (WA).
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The deal will allocate a significant share of the funds to Yanara’s Mortlake Energy Hub in Victoria.
This project features a hybrid approach, combining 450MW of solar capacity with a 600MW/2,400MWh battery energy storage system (BESS) across two construction stages.
The facility will generate enough electricity to supply around 200,000 homes and is expected to avoid 880,000 tonnes per annum (tpa) of carbon emissions.
The company is preparing to begin construction of the first phase, with the creation of more than 300 jobs anticipated and projected economic benefits for regional communities.
Yanara CEO Jerome Ortiz said: “This investment marks yet another defining milestone in Yanara’s growth journey. Mirova is one of the world’s most respected sustainable investors, and we are proud to welcome them as our partner in Australia.
“We share a common vision of accelerating the energy transition through high-quality infrastructure that delivers long-term environmental, social and economic value. Together, we will help build the next generation of reliable and dispatchable renewable energy solutions for Australia.”
Yanara is developing more than 5.1GW of hybrid and dispatchable renewable energy projects, spanning solar, wind, and battery energy storage, in Australia, India, and the Philippines.
The funding from Mirova marks the company’s first capital raise in Australia and will be used to support the growth and implementation of its Australian project pipeline.
Mirova private assets global head Raphael Lance said: “Australia is one of the most compelling markets globally for the energy transition, supported by strong renewable resources, decommissioning of the coal-fired power plant, growing electrification needs and an increasing demand for firm, dispatchable clean power.
“Our investment in Yanara reflects Mirova’s long-term commitment to supporting the development of critical energy infrastructure that can accelerate Australia’s transition to a more resilient and low-carbon energy system.”
EY acted as financial adviser to Yanara on the transaction while Lazard Australia advised Mirova.
Legal counsel for the parties included Ashurst, White & Case, Van Doorne, and Loyens & Loeff.
Alvarez and Marsal provided tax advice while Infravue served as technical adviser for Mirova.
