Potentia Energy, a company jointly owned by Enel Green Power and INPEX Corporation, has announced the completion of its acquisition of a diversified portfolio exceeding 1 gigawatt (GW) of renewable energy assets in Australia. The transaction includes over 700 megawatts (MW) of operational solar and wind assets, alongside more than 430 MW of late-stage development projects.
The deal was concluded following an agreement with CVC DIF and Australian pension fund Cbus Super, and includes a stake in Bright Energy Investments (BEI), a joint venture that also involves Synergy, the state-owned utility of Western Australia. It significantly strengthens Potentia Energy’s position in the country’s wholesale electricity markets, including the Wholesale Electricity Market (WEM) and the National Electricity Market (NEM).
Extensive, multi-regional operational portfolio
The acquired operational sites include key locations across several Australian states and the Australian Capital Territory. These comprise the first stage of the Warradarge Wind Farm, Greenough River Solar Farm, Albany Grasmere Wind Farm, and the Clare and Royalla Solar Farms. The acquisition also includes the remaining stake in the Bungala Solar Farm in South Australia.
Potentia Energy already operates more than 400 MW of solar capacity across South Australia and Victoria, in addition to a 75 MW wind farm in Western Australia. The company is also developing a hybrid project combining 98 MW of solar power and 20 MW of battery storage in New South Wales.
Nationwide growth ambition
Beyond the newly integrated assets, the company has secured development rights for a project pipeline exceeding 7 GW. This pipeline includes wind, solar, storage and hybrid projects spread across Australia. The company aims to significantly increase its installed renewable energy capacity in the coming years.
Potentia Energy’s management has described the acquisition as a strategic milestone in its growth agenda. Chief Executive Officer Werther Esposito stated that the deal “greatly expands our capabilities and opens important growth prospects thanks to the support of our shareholders”. He also highlighted the central role of the BEI joint venture in supporting the evolving energy system of Western Australia.
