Atmos Renewables (Atmos) has today completed the acquisition from BayWa r.e. of the Karadoc Solar Farm (Karadoc) in north western Victoria, along with an option to acquire interests in a number of their Australian wind development projects.

Karadoc is a 112 MWdc (90 MWac) solar farm located approximately 25kms south of Mildura, Victoria, which commenced operations in 2019. The solar farm was built by Beon Energy Solutions and has over 346,000 panels, generating enough energy to power 47,000 homes and offset 188,000 tons of carbon emissions (CO2-e) annually. Karadoc’s revenue is underpinned by long-term fixed-price energy and green certificate offtake arrangements with Flow Power and Carlton & United Breweries (owned by Asahi Australia).  

Nigel Baker, Chief Executive Officer of Atmos, said the acquisition of Karadoc Solar Farm combined with an option to acquire interests in a series of wind development projects affirms the company’s strategy of growing its portfolio of Australian renewable energy assets.

“The acquisition of Karadoc Solar Farm further expands Atmos’ already diverse portfolio of operational renewable energy assets. It is our first Victorian solar farm and complements our existing portfolio of solar and wind assets across each state of the National Electricity Market (NEM)”, Mr Baker said.

With this acquisition, Atmos now owns interests in 15 renewable energy plants, generating 2.5 TWh of electricity, powering 485,000 homes and offsetting 1.7 million tonnes of carbon emissions, making it one of the top renewable energy generators in the market.

The acquisition also sees Atmos and BayWa r.e. enter into an agreement providing Atmos with an option to acquire interests in a series of BayWa r.e.’s wind development projects, as the two companies look to accelerate their commitment to enabling the decarbonisation of Australia’s energy market.

“Atmos is committed to playing a significant role in enabling Australia’s energy transition and we are pleased to enter this agreement with BayWa r.e., one of the world’s most successful independent renewable energy developers, to bring to market attractive wind energy projects in the coming years”, Mr Baker said.

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About Atmos Renewables

Atmos Renewables (Atmos) is a green energy supplier, dedicated to developing, building and operating renewable and clean energy infrastructure across Australia.

Established in 2020 by Igneo Infrastructure Partners, Atmos was founded to contribute to the decarbonisation of the Australian electricity network and to provide a platform for investors to deploy capital into the renewable energy sector. Atmos has interests (post- Karadoc) in 15 large scale operating wind and solar farms across the NEM – eight of these are 100%-owned, two are majority-owned and the remainder are through minority stakes.

Atmos invests in green energy at all stages of the project lifecycle and is committed to building out a scaled and diversified portfolio of generation and storage assets that provide clean power to a range of customers.

Investments to date have focussed primarily on operating assets, however Atmos is also working to build a substantial development pipeline for future investment and expansion, and has been actively growing its team and capability to support the development of new renewable energy and storage infrastructure.

About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in the utilities and transport sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.

Igneo manages US$17.7 billion worth of assets (as at 30 June 2023) on behalf of more than 200 investors around the world.

For more information, visit igneoip.com

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