Igneo splashes up to $340m on solar farm
Igneo Infrastructure Partners has inked a deal to acquire Victoria’s Karadoc Solar Farm from German renewable energy developer BayWa r.e. via its renewable energy arm, Street Talk understands.
The deal, signed on Tuesday, will see Igneo’s Atmos Renewables nab the 112.5 megawatt solar farm in Mildura, northwest Victoria. Karadoc, which operates almost 350,000 solar panels across 270 hectares, has been up and running since 2019 and can generate energy to power 47,000 homes.
The Karadoc solar farm in north-west Victoria has over 346,000 panels. Leigh Henningham
Its revenue is underpinned by long-term fixed-price energy and renewable certificate offtake arrangements with electricity retailer Flow Power and beer maker Carlton & United Breweries, owned by Asahi Australia.
As part of the deal, Atmos will also enter a strategic partnership with BayWa to develop Australian wind projects in the near future. Atmos also has the option to acquire interests in BayWa wind development projects.
This price was not disclosed, but sources expect the deal would be worth between $225 million and $340 million.
The deal is Igneo’s sixth investment via Atmos Renewables, a renewable energy generator that owns interests in more than 10 large-scale renewable generation assets across the Australia National Electricity Market. After the Karadoc acquisition, the company will generate about 2.5 terawatt hours of electricity, offsetting 1.7 million tonnes of carbon emissions.
Atmos was established in 2020 and has made a handful of acquisitions since: Gretel solar wind farms in Queensland, wind farmsformerly owned by John Laing and a stake in the Macarthur Wind Farm. In April last year it also acquired Elliott Green Power Australia, a solar business
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