Projects and transactions

Towards net zero

Lightsource BP sells Australian solar farms for $813m: Lightsource BP sold a 1 GW portfolio of solar projects to Beijing Energy International Australia (BJEI Australia) for an equity value of $813m in Dec-23. The projects included in the transaction reflect the entirety of Lightsource BP’s construction projects and operating assets in Australia. 

SA section of Australia’s largest electricity transmission project completed: a 206 km component of Project EnergyConnect, a 900 km transmission line connecting NSW to SA, was completed on time and on budget in Dec-23. The project led by ElectraNet and Transgrid will support the two states unlock additional capacity in new wind, solar and battery storage infrastructure.

ACEN obtains MUFG debt to expand into international markets, including AUS: the Renewables arm of ACEN Corp secured a USD $100m green term loan facility from MUFG Bank in Dec-23. The capital will support ACEN expand its business into international markets, including Australia. 

AGL signs renewables-linked PPAs with global biotech company CSL: AGL announced a seven-year renewable-linked PPA with global biotechnology company CSL in Oct-23. Under the agreement, CSL will purchase renewable energy certificates, generated by AGL’s Macarthur Wind Farm, equivalent to 100% of its electricity consumption. 

Fortescue enters into a 25-year PPA with Genex to acquire 337.5 MW of solar power: following a competitive procurement process, Fortescue signed a 25-year PPA with Genex Power Limited in Oct-23. The PPA enables the one of the world’s largest producers of iron ore to secure 337.5MW of solar energy and renewable generation certificates at a fixed price for the term of the agreement. 

Patrizia and Mistui invest $70m in Australian solar and battery projects: Patrizia and Mitsui & Co have unveiled the inaugural transaction of their newly established APAC Sustainable Infrastructure Fund (A-SIF), involving a $70m equity investment in Australian solar and battery energy storage projects. As part of this transaction, A-SIF will acquire a share in the 150MW portfolio of renewables specialist YES Group.

APA and EDF Group sign memorandum to bid for electricity transmission projects: APA Group and EDF Group have inked a Memorandum of Understanding (MoU) to collaborate on electricity transmission projects in Australia, initially concentrating on the New England Renewable Energy Zone in NSW. This agreement is anticipated to support the development of renewable energy project portfolios for both companies in Australia.

Ampol, Pacific Energy and Australian subsidiaries of Hyundai and Toyota sign MoU: Hyundai, Toyota, Pacific Energy, and Ampol have jointly declared a Memorandum of Understanding (MoU) to collaboratively construct hydrogen infrastructure in Australia. The agreement aims to leverage the collective capabilities of the partners for the development of refuelling stations dedicated to fuel cell electric vehicles (FCEV).

Macquarie Asset Management launches Aula, an onshore renewable energy business: Macquarie Asset Management’s specialist Green Investments team announced the launch of Aula Energy in Nov-23. The newly established onshore renewable energy business is designed to attract long-term investment capital for the development, construction and operation of utility-scale wind, solar and integrated battery projects across Australia. 

SA appoints preferred partner for a power plant, hydrogen production and storage facility:  the SA Government selected Atco and BOC Linde as the preferred partners for the Whyalla hydrogen power plant project. The decision was announced after a six-month evaluation process involving the consideration of 29 proposals. Atco and BOC Linde will work together to deliver a 250MW electrolysis facility and a 200MW power plant, supported by $593m in state funding through the Whyalla Hydrogen Jobs Plan.

CleanCo co-invests in 372MW QLD wind project: QLD’s CleanCo announced it will join RES Australia and Energy Estate Pty Ltd as a co-investor to develop the 372MW Moah Creek Wind Farm Project in Oct-23. The undisclosed investment will be sourced from the funding pool provisioned in the state budget to support the deployment of new wind and solar projects in QLD.

Towards a circular economy

WA Gov invests $2.8bn in new desalination plant: the WA Government announced a consortium, consisting of Acciona Agua Australia and Jacobs Group Australia, as the preferred proponent responsible for designing, constructing, and operating the Alkimos Seawater Desalination Plant. This decision forms an important component of the $2.8bn project which aims to ensure a sustainable water supply for more than 2.5 million Western Australians.

The $600m Maryvale EFW project names new builder: the Maryvale EFW project located in VIC and developed by a consortium comprising Opal, Veolia and Masdar Tribe Australia signed an engineering design agreement with Cobra Instalaciones y Servicios SA (Cobra) in Dec-23. The Spanish infrastructure group will partner with Babcock & Wilcox to complete the design and construction phases of the project. 

Downer sells interest in Repurpose It to Palisade Impact: the integrated services company, Downer announced the sale of its 45% stake in Repurpose It in Nov-23. The resource recovery business operating in VIC was sold to the Australian infrastructure investment manager, Palisade at an enterprise value of $220m.

Blackstone Energy Transition Partners and Vista Equity Partners acquire Energy Exemplar: the leading energy analytics platform, Energy Exemplar (EE) was sold under a definitive agreement to private equity funds affiliated with Blackstone and Vista Equity Partners in Oct-23. The investment is expected to support the growth of EE as it continues to build grid databases throughout the world and establish new business intelligence products for the energy industry. 

GT Recycling expands plastic recycling plant and establishes new products: GT Recycling has finalised upgrades to its recycling plant, enabling the processing of polypropylene and low-density polyethylene into pellets suitable for the production of plastic goods. The Victorian-based recycling company revealed the new flexible plastics recycling line in Nov-23 and expects the processed material will support the transition away from virgin plastics. 

Bingo Industries closes in on waste targets: the integrated recycling and waste management company, Bingo Industries, revealed that it is on track to achieve higher percentages of landfill diversion as it continues to secure waste offtake partnerships. Already achieving recovery of 80%, Bingo is in the process of scoping new pathways to get to ‘the last mile’ - a recovery rate above 90%. 

ResourceCo raises recycling capabilities with soil focus: ResourceCo unveiled plans to enhance its soil recycling capabilities in Oct-23. As a global leader in the recovery and re-manufacturing of primary resources, the company aims to diminish its dependence on third-party supplies for soil cleaning and treatment and produce high-quality, environmentally sustainable sand, and topsoils.

Largest VIC PET plastic recycling plant opens for business: a $50m plastic recycling plant capable of processing up to one billion PET plastic bottles a year into high-quality food-grade resin commenced operations in VIC. The Circular Plastics Australia (PET) facility is the second of its kind in Australia and was delivered through a joint venture between Pact Group, Cleanaway Waste Management, Asahi Beverages and Coca-Cola Europacific Partners (CCEP). 

$40m Material Recovery Facility commences operation in QLD: QLD Government announced the commencement of operations of a new $40m Material Recovery Facility in Dec-23. The facility located in Nambour, with the capacity to process up to 60,000 tonnes of recycled waste from households and businesses annually, will contribute to Queensland's efforts in achieving its resource recovery targets.

New $137m facility to transform the paper-recycling industry announced in QLD: the QLD Government and Commonwealth, through the Recycling Modernisation Fund, will jointly invest in one of Australia’s biggest paper recycling facilities. Once operational, the Australian Recycled Pulp and Paper Project (ARPPP) is expected to process and divert 220,000 tpa of waste paper and cardboard in QLD.