Potentia Energy secures 1.2GW renewable energy portfolio in Australia

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Potentia Energy owns the 137.5MW Bungala 1 and 2 projects, pictured above. Image: Potentia Energy.

Potentia Energy, a joint venture co-owned by Enel Green Power and INPEX, has entered into an agreement to acquire controlling stakes in a 1.2GW renewable energy generation and energy storage portfolio in Australia.

The portfolio will be acquired from infrastructure investor CVC DIF. It comprises 700MW of solar PV and wind assets across multiple states and the Australian Capital Territory.

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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.

Several wind and solar PV assets will also be secured via an interest in Bright Energy Investments, a developer, owner and operator of enterprise-scale renewable energy generation assets. This is via a 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, said the strategic acquisition affirms the company’s growth strategy for Australia and support by its shareholders.

“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,” Esposito said.

“The acquisition expands and complements our existing portfolio of solar and wind assets across the Wholesale Energy Market (WEM) and National Electricity Market (NEM).”

Potentia Energy’s current portfolio of operating plants comprises 309MW of solar PV generation capacity across South Australia and Victoria and a 75MW wind farm in Western Australia. Construction is underway on a 98MW solar and 20MW BESS hybrid project in New South Wales, with an additional 93MW solar PV plant under commissioning in Victoria.

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.

Law firm Baker Hughes advised Potentia Energy on its agreement with CVC DIF and Cbus Super.

Potentia Energy’s presence in the Australian PV market

Potentia has three operational solar PV projects, totalling 310MW of capacity across Australia. These include the 137.5MW Bungala 1 and 2 projects, totalling 275MW, 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.

The Bungala projects, which both commenced full operation in 2020, consist of approximately 800,000 PV modules. Girgarre comprises around 169,500 PV modules.

Potentia, via moves made during its time as Enel Green Power Australia, inked several partnerships across 2024 to strengthen its position.

For instance, the company inked a ten-year power purchase agreement (PPA) with Adelaide-headquartered renewable energy developer ZEN Energy to secure green energy produced from a 98MW solar PV project in New South Wales.

The Quorn Park Hybrid Project is located 10km northwest of Parkes, close to the Central-West Orana Renewable Energy Zone (REZ), which last year became the first REZ to obtain Commonwealth planning approval.

In the same REZ, Enel Green Power Australia acquired the Tallawang hybrid project, comprising a 500MWac solar PV plant with a co-located 500MW/1,000MWh BESS. It is situated 8km northwest of Gulgong in the Mid-West Regional Council area and will have an operational lifespan of 35 years.

The organisation has also been examining the future of solar PV in Australia, particularly module recycling and repowering. In August 2024, the company signed a long-term agreement with ElecSome to recycle solar PV modules across its Australian portfolio, citing that 1.4 million modules will reach end-of-life in 2025.

The estimated waste generated from non-usable PV panels is projected to be 145,000 tonnes annually by 2030 in Australia. By ensuring solar upcycling plants are readily available for this quantity, critical resources can be recycled and used for other means, aiding other vital industries.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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