Potentia Energy, a joint venture co-owned by Enel Green Power and INPEX, has fully acquired a 1.2GW renewable energy generation and energy storage portfolio in Australia from infrastructure investor CVC DIF and superannuation fund Cbus Super.
The portfolio comprises 700MW solar PV and wind assets across multiple states and the Australian Capital Territory. It also includes 430MW of late-stage developments, including South Australian and Queensland battery energy storage systems (BESS) and a Western Australian wind project that recently achieved financial close.
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Several wind and solar PV assets have also been acquired via an interest in Bright Energy Investments, a developer, owner and operator of enterprise-scale renewable energy generation assets. This is via the deal with Cbus Super, a superannuation fund.
This includes the 40MW Greenough River Solar Farm in Western Australia, the 20MW Royalla Solar Farm in the Australian Capital Territory, the 100MW Clare Solar Farm in North Queensland and the 275MW Bungala Solar Farm in South Australia.
Werther Esposito, CEO of Potentia Energy, formerly known as Enel Green Power Australia before its rebranding in December 2024, believes the acquisition will significantly expand the company’s capabilities within the Wholesale Electricity Market (WEM) and National Electricity Market (NEM).
“This acquisition isn’t just a step forward; it’s a giant leap toward our vision for delivering the renewable energy Australia needs. Importantly, the Bright Energy Investments partnership will facilitate collaboration with Synergy to support the state’s energy transition and decarbonisation goals,” Esposito said.
The company has secured rights for a development pipeline exceeding 7GW across Australia. It is committed to a growth agenda, aiming for a “substantial increase” in its installed capacity across wind, solar, storage and hybrid projects throughout the country.
Potentia has three operational solar PV projects, totalling 310MW of capacity across Australia. These include the 137.5MW Bungala 1 and 2 projects, which total 275MW and are located near Port Augusta, South Australia, and the 34.3MW Cohuna project in Victoria. The 93MW Girgarre project, also in Victoria, entered commissioning in May 2024, with operations expected to begin in early 2025.
