Renewables developer and independent power producer (IPP) TagEnergy has acquired Australian developer ACE Power, adding 6GW of renewable energy and storage projects to its portfolio.
The integration of ACE Power’s portfolio will create a combined portfolio exceeding 10GW across Australia. The deal brings a 27-strong development team into the TagEnergy fold, taking the company’s total Australian staff to more than 60.
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Financial details of the transaction were not disclosed. Still, the acquisition comes after ACE Power’s majority owner, investment firm Pelion Green Future, sought capital to grow the business earlier this year and planned to sell its 80% stake.
TagEnergy said it had also acquired the remaining 20% stake from several minority stakeholders, completing a full acquisition of ACE Power.
While ACE Power is known primarily for its wind and energy storage projects, the developer also has a strong solar PV portfolio.
Notable among these newly acquired Australian solar projects is the proposed 101MW Yabulu Solar Farm in Queensland. Additionally, the acquisition includes several solar-plus-storage projects combining solar PV with battery energy storage systems (BESS), totalling 4.6GWh of capacity.
One of the most significant hybrid developments in the combined portfolio is the Hillview Energy Hub in New South Wales. It features 250MW of solar PV generation capacity alongside 200MW of wind and a 1,000MW/8,000MWh BESS.
Adding experience in early-stage project development
TagEnergy CEO Franck Woitiez said Australia is one of the most exciting and promising places in the world to deliver the energy transition, whilst emphasising that ACE Power’s early-stage development experience will help TagEnergy capitalise on this opportunity.
“We’re integrating ACE Power’s deep expertise in early-stage development with our capabilities in commercialisation, delivery and long-term investment, underpinned by a clear energy management strategy that focuses on delivering greater value for the market, our customers and partners,” Woitiez said.
“ACE Power has built a strong reputation as an agile and trusted local developer, and we’re thrilled to welcome their talented team into TagEnergy.”
ACE Power founder and managing director Andy Scullion will lead TagEnergy’s development function in Australia. Current head of development Théo Imbert will move into a new strategy and integration role.
For TagEnergy, White & Case provided legal counsel on the transaction, while EY delivered tax and financial advisory services. Aurecon conducted technical due diligence, and Willis Towers Watson and BMS handled insurance matters jointly. Premier Strategy advised on the deal’s community engagement aspects.
To read the full article, please visit Energy-Storage.news.
