View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 14, 2020

Engie and Mitsui sell stake in Australian Renewable Energy Trust

Renewable developer Engie and conglomerate Mitsui have reportedly sold a 75% stake in Australian Renewable Energy Trust.

Renewable developer Engie and conglomerate Mitsui have reportedly sold a 75% stake in Australian Renewable Energy Trust. Fund management firm Infrastructure Capital Group (ICG) acquired the stake as part of a plan to  increase green investments.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Terms of the deal remain undisclosed. However, Reuters has cited a person familiar with the deal as saying that the stake was sold for about $287m (A$400m).

Australian Renewable Energy Trust was established by Engie and Mitsui and aims to work with investors to accelerate renewable energy project development.

Engie Australia & New Zealand (Engie ANZ), another joint venture of Engie and Mitsui, has said it will work with ICG to accelerate its growth.

Engie ANZ chief financial officer Gary Brown said: “ICG’s long-term vision and expertise in the sector will help Engie ANZ to build more renewable energy projects in Australia, while supporting the ongoing operations of our assets and contributing to the communities where they’re located.”

Engie will operate of the Australian portfolio, including the 119MW Willogoleche wind farm in South Australia.

Last year, Engie said it would seek “one or more partners” to invest in a fund to develop a portfolio of wind and solar farms. This would create approximately 2GW generation capacity in Australia over the next ten years.

Brown added: “Engie ANZ has a healthy pipeline of wind and large-scale solar developments in New South Wales, Victoria and Queensland and we are actively exploring new asset projects in these and other locations.

“The Australian Renewable Energy Trust will allow Engie ANZ to develop more renewable assets, supporting our ambition of accelerating the transition to a carbon-neutral economy.”

Last month, Engie partnered with rocket technology firm Ariane Group to develop green hydrogen production technology.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology