The renewable asset portfolio is spread across various locations in Australia.

Potentia Energy has agreed to acquire controlling interests in a portfolio of more than 1GW of renewable assets across Australia as part of its growth strategy.

The portfolio, spanning various locations and technologies, includes 700MW of operational wind and solar assets across several states and the Australian Capital Territory.

The portfolio also features 430MW of late-stage developments, including battery energy storage systems (BESS) in South Australia and Queensland and a Western Australian wind project that recently reached financial close.

The completion of the acquisition is subject to standard conditions including approval from the Foreign Investment Review Board (FIRB).

Potentia Energy, a joint venture between Enel Green Power and Inpex, has entered an agreement with CVC DIF and Cbus Super on the strategic acquisition.

Potentia Energy was recently revealed as the new name for the jointly owned company, which has been operating as Enel Green Power Australia since 2017.

Its existing portfolio of operational plants includes 309MW of solar capacity in South Australia and Victoria, alongside a 75MW wind farm in Western Australia.

Construction is underway on a 98MW solar and 20MW battery hybrid project in New South Wales, with a further 93MW solar farm currently being commissioned in Victoria.

Potentia Energy has secured rights for a development pipeline exceeding 7GW across Australia and aims to significantly expand its installed capacity across wind, solar, storage and hybrid projects nationwide.

Potentia Energy CEO Werther Esposito stated: “We are incredibly pleased to announce our acquisition of a portfolio diversified across geographies, technologies and energy markets, including both operational and development stage projects.

“The acquisition expands and complements our existing portfolio of solar and wind assets across the wholesale energy market (WEM) and national electricity market (NEM).

“We are committed to continue driving the energy transition across Australia. Our new Western Australian assets position us to work alongside Synergy in supporting the state’s energy transition and decarbonisation ambitions.”