German energy company to spend €400 million developing NSW solar projects
14 Mar 2018
German energy giant Innogy has entered
Australia’s utility-scale solar market, acquiring two undeveloped solar
projects from Australian developer Overland Sun Farming.
The acquisition is subject to standard conditions and review by the Foreign
Investment Review Board.
The 347MW Limondale project and 115MW Hillston project are expected to
commence commercial operation at the end of 2019. On completion, Innogy
will be the sole owner of the two projects. In a
media release, Innogy estimates the total cost of both projects, including acquisition
of project rights, is over €400 million.
‘With the acquisition of two of Overland’s Australian solar development
projects, Innogy is entering into a strongly growing renewable energy
market,’ says Uwe Tigges, CEO, Innogy.
Innogy plans to open an Australian office, from which it will pursue other
solar, wind and battery storage projects.
‘Australia is the continent with the highest solar irradiation per square
metre,’ says Hans Bünting, COO, Innogy. ‘It is an excellent starting point
for Innogy to grow a valuable solar business.’
Based in Essen, Germany, Innogy is a subsidiary of RWE, one of Europe’s
biggest energy utilities. Listed on the Frankfurt Stock Exchange, Innogy is
75 per cent owned by RWE and according to
has annual revenue exceeding $A70 billion.