Lazard tries new owners for fit at renewables platform Tetris Energy
Melbourne-headquartered renewables player Tetris Energy is looking to offload 100 per cent of its 3.4 gigawatts early-stage development platform, telling potential buyers its platform is the kind that would rarely come up for sale in future after the recent year’s deal-making frenzy.
Nearly 70 per cent of Tetris’ portfolio is in wind energy.
Tetris’ sell-side adviser, Lazard Australia, has been sounding out investors with appetite for early-stage renewables projects for several weeks now. Lazard knows the playing field well, having advised Tilt Renewables in an auction for CWP Renewables last year, which ended with a $4 billion-plus blockbuster sale to Andrew Forrest’s Squadron Energy. It was also the sell-side adviser at Spark Renewables earlier this year.
By contrast, Tetris Energy is expected to be a much smaller business despite the headline 3.4 gigawatts development portfolio across 12 projects. Nearly 70 per cent of the portfolio is wind projects in National Electricity Market (NEM) regions in NSW and Queensland. About 18 per cent of the portfolio is battery storage, followed by 11 per cent in solar.
The sell-side pitch said Tetris has identified projects and had either signed the land agreements or was in advanced discussions to do so. Prospective buyers were told projects were located out of the Renewable Energy Zones and with strong connectivity to existing high-voltage lines, meaning it wouldn’t have to bid in REZ processes for access.
The 12-strong portfolio could be scaled-up and optimised, including via co-locating solar and battery storage at identified wind sites. Currently, its biggest project, Ceduna in South Australia, is being planned for about 600 megawatts of combined wind and solar capacity.
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