Two people familiar with the transaction stated that Petronas Malaysia is closing its first acquisition of an Australian renewable power business. It will acquire Wirsol’s German solar farms and a large pipeline.
According to one person, the price of the sale could range from A$900 million to A$ 1 billion.
Petronas is looking to establish a renewables company through Gentari, its company formed last year. It aims to have 30-40 gigawatts of renewable energy capacity by 2030, mainly in solar.
Wirsol, which is owned by Wircon GmbH was forced to sell its Australian renewables business last year after it had been abandoned in the public listing.
According to the company’s website, it runs seven solar farms and a battery on seven sites, with a capacity of 746 MW. It also has a development pipeline of approximately 700 MW. The company is also an asset manager for 349MW in Australia’s eastern States.
