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 RenewEnergy has annual revenue exceeding $A70 billion.