Mining company Ark Energy acquires Australian solar developer Epuron

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The acquisition will see Ark Energy own and operat 7MW of off-grid solar generation assets. Image: Andreas Gucklhorn (UnSplash).

Australian mining company Ark Energy has announced it is to acquire a 100% interest in utility-scale wind and solar energy developer Epuron Holdings Pty.

Ark Energy – which is a wholly-owned Australian subsidiary of Korea Zinc Company – will gain ~4,200MW of early-stage solar and wind development projects through the acquisition, located across National Electricity Market (NEM) states in Australia, including Queensland, New South Wales and Tasmania.

Additionally, it will gain a further investigation pipeline of ~4,800MW as well as the continued development of ~5,860MW of projects that fall under Epuron’s exiting Joint Development Agreements with counterparties.

“We will leverage our parent company’s strong balance sheet to expand Epuron’s existing business model and leverage the group’s internal demand from the production of green non-ferrous metals, and our own demand from green hydrogen production, to fast-track the build-out of Epuron’s development portfolio,” said Yun B. Choi, chairman of Ark Energy and vice chairman of Korea Zinc.

Following the acquisition, Ark Energy will own and operate ~7MW of projects, all located within the Northern Territory, and own a 50% stake in renewables technology and data company Fulcrum3D.

Epuron has developed over 3,000MW of renewable energy capacity with ~1,000MW of that now operating or under construction. In 2019, it sold a 33.7MW construction-ready solar-plus-storage project in the Northern Territory of Australia, developed together with UK-based Island Green Power, to Italian oil and gas giant Eni.

“Our decision to bring in Ark Energy as new owners follows a strategic review in which we decided to pivot towards long term ownership of our renewable energy projects in Australia,” said Epuron’s co-founder, Andrew Durran.

“With Ark we are excited by the potential to apply our experience to more projects and play an even larger role in Australia’s energy transition.”

The acquisition is subject to regulatory approvals, and is expected to be complete in H1 2022.

Read Next

January 20, 2022
US residential solar lender Dividend Finance is to be acquired by Ohio-based banking company Fifth Third.
January 20, 2022
Independent power producer (IPP) Cordelio Power has secured a 900MWac pipeline of solar projects in New York and Pennsylvania from project developer SunEast Renewables.
January 19, 2022
Innovative Solar Systems (ISS), a utility-scale solar developer with a 12GW pipeline, has put itself up for sale, as it seeks partners to support the company in its development of ever larger PV projects across the US.
January 19, 2022
Renewables developer R.Power has signed a power purchase agreement (PPA) with energy trader Axpo for nearly 300MWp of solar in Poland.
January 19, 2022
Energy major Shell has acquired 100% of PV project developer Solar-Konzept Italia (SKI), taking its solar development pipeline in Italy to around 2GW in the process.
PV Tech Premium
January 18, 2022
Solar project developer Eco Energy World is aiming to “aggressively” grow its US PV pipeline after formally entering the market last week and intends to replicate the cheaper engineering, procurement and construction (EPC) costs it sees in Europe in the country. PV Tech Premium speaks to CEO Svante Kumlin to find out more.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal