Partners Group to invest $527M in Australian renewables

30/05/2018 08:44 Renewable


Swiss-based Partners Group, a leading global private markets investment manager, said it agreed to invest a total of AUD 700 million (US$527 million) in the development of a large-scale renewable energy platform in Australia.

"The platform, which will be known locally as Grassroots Renewable Energy Platform (Grassroots), will be seeded with the 270-megawatt (MW) Sapphire Wind Farm project [in New South Wales]," a press release said Monday.


It will also construct over 1.3 gigawatts of new wind power, solar power and battery storage assets across Australia within the next four years.


To develop the platform, the group is partnering with local developer CWP Renewables (CWP), also an investor in the project.


Sapphire Wind Farm, a CWP project in which the Partners Group invested AUD 250 million ($188.3 million) in 2016, is due for completion by October, according to the statement. Construction on the farm began in January 2017.


The farm is expected to generate enough energy to power 110,000 Australian households and offset over 600,000 tonnes of carbon emissions during every year of operation.


"There are also plans to launch a community co-investment project at Sapphire Wind Farm in late 2018, which will enable members of the neighboring community to participate in the financial benefits from the sale of renewable electricity," the group said.


The second project under the Grassroots platform will be the Crudine Ridge Wind Farm, a 135 MW construction-ready wind farm near Mudgee in New South Wales, according to the statement.


Construction will begin this month and will be completed by September 2019, the statement said, adding that the farm would consist of 37 GE 3.63 MW turbines and, once operational, provide a further 400 gigawatt-hours of annual power output to the grid, enough to serve 55,000 homes.


The Crudine Ridge wind farm is also expected to deliver more than eight million tonnes of carbon emissions abatement over its lifetime.


Benjamin Haan, head of Private Infrastructure Asia-Pacific at Partners Group, said the Sapphire Wind Farm had the "potential to anchor an Australian renewable energy platform".


"We look forward to working with the CWP team to further support the generation of clean energy in Australia," he added.


Partners Group has so far developed around 2 GW of solar and wind energy capacity on behalf of its clients across the Asia-Pacific region, including Australia, according to the statement.


"Previous investments include a 550 MW Taiwanese solar power development platform and the 240 MW Ararat Wind Farm development in Australia, which the Partners Group invested in back in August 2016 and June 2015, respectively," it said.


Most recently, the group announced the sale of its stake in Japan Solar, a 610 MW platform of Japanese solar power assets, which in 2013 the firm invested in.


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