Yanara secures €150 million from Mirova to develop 2GW+ renewable energy portfolio across Australia

The investment is Yanara’s, an Asia-Pacific renewable energy developer formerly known as BrightNight Asia Pacific, first dedicated capital raise in Australia and marks Mirova’s entry into the Australian renewable energy market.

A substantial portion of the funding will be directed toward Yanara’s flagship Mortlake Energy Hub in southwest Victoria, a hybrid solar-plus-storage development combining 450MW of solar PV with a 600MW/2,400MWh battery storage system to be built across two stages.

The first stage, preparing to enter construction, is expected to create more than 300 jobs during the build phase, according to the company.

Yanara CEO Jerome Ortiz said the partnership reflected shared values on the energy transition.

“Mirova is one of the world’s most respected sustainable investors, and we are proud to welcome them as our partner in Australia. We share a common vision of accelerating the energy transition through high-quality infrastructure that delivers long-term environmental, social and economic value,” he said.

Raphael Lance, global head of private assets at Mirova, pointed to the structural drivers of the Australian market as the basis for the investment.

“Australia is one of the most compelling markets globally for the energy transition, supported by strong renewable energy resources, decommissioning of coal-fired power plants, growing electrification needs and an increasing demand for firm, dispatchable clean power,” he said.

Gamuda Australia was appointed as the project delivery partner for the early contractor involvement phase of the Mortlake Energy Hub in January 2026, taking on end-to-end project execution responsibilities, including design development, regulatory approvals, procurement, and construction oversight.

The project is sited across 1,060 hectares in Victoria’s south-west with a direct connection to the existing Mortlake Terminal Station, removing the need for new overhead transmission lines. Yanara received a connection agreement from AEMO in 2024.

Beyond Mortlake, the €150 million will support the broader Australian pipeline, which Yanara describes as spanning solar, wind and battery storage technologies across the three states.

Mirova’s expanding international renewable energy portfolio

The Yanara investment follows a period of active deal-making by Mirova across international renewable energy markets.

In February 2026, Mirova partnered with Estonian developer Evecon through their Baltic Renewable Energy Platform to launch the country’s largest solar-plus-storage hybrid project, co-locating a 77.5MW solar plant with a 55MW/250MWh battery storage system and concluding what the partners described as the Baltic region’s first flexibility and power purchase agreement.

In March 2025, Mirova formed a joint venture with Qualitas Energy to develop a 250MW renewables portfolio in Italy through a structure dubbed the Italian Renewable Platform.

The Australian investment extends a pattern of Mirova deploying capital into renewable energy platforms in markets where it identifies a combination of resource quality, policy support and dispatchability requirements.

Yanara has a total pipeline of more than 5.1GW spanning Australia, India and the Philippines.

The company’s Australian activity sits within a broader national context of accelerating renewable energy investment. As reported by PV Tech earlier this week, Australia connected 9.1GW of new generation and storage to full output in FY26, more than double the prior year result, with battery storage projects dominating both the connections pipeline and the volume of capacity reaching full output.

EY acted as financial adviser to Yanara and Lazard Australia to Mirova on the transaction. Ashurst, White & Case, Van Doorne and Loyens & Loeff served as international legal counsel, with Alvarez and Marsal providing tax advice and Infravue acting as technical adviser for Mirova.