OMERS Infrastructure acquires 49% risk in FRV's Australian renewables business

• Canadian pension plan financier OMERS Infrastructure has acquired a 49% interest in the Australian renewable energy platform of utility-scale solar programmer Fotowatio Renewable Ventures (FRV).

The offer includes 6 operational and incomplete solar properties with an integrated capability of 637MWdc as well as an advancement pipeline consisting of around 2.7 GWdc of solar plants as well as ~ 1.3 GWh of battery energy storage space systems.

FRV, which was gotten by Saudi Arabian corporation Abdul Latif Jameel in 2015, claimed the offer will accelerate its development in Australia with new projects as well as an expansion right into brand-new technologies.

FRV in 2014 authorized a power acquisition contract for a 90MW solar farm in the Australian state of New South Wales and also has actually considering that started building of its first crossbreed solar-storage project, which is being built in Queensland and is expected to be operating at full capability by early 2022.

The strong expectation for solar in Australia was lately revealed in research from the Australian Energy Market Operator, which stated accelerating PV as well as wind release means much of the nation might have enough renewables generation to satisfy 100% of consumer demand at certain times of the day by 2025.

For OMERS Infrastructure, the deal sees it build its renewables profile following its 2018 acquisition of project developer Leeward Renewable Energy, which earlier this year got a 10GW utility-scale solar platform form First Solar. The financier additionally has a 19.4% stake in Indian independent power producer Azure Power.