Enel’s joint venture Potentia Energy acquires renewable portfolio of over 1 GW in Australia

Enel announces that Potentia Energy, a renewable energy company in which Enel Green Power holds a joint control stake[1], reached an agreement with CVC DIF and Cbus Super to acquire controlling stakes in a portfolio of over 1 GW of renewable assets across Australia.

The geographically and technologically diversified portfolio comprises over 700 MW of wind and solar assets, alongside more than 430 MW of late-stage developments, including Battery Energy Storage Systems (BESS).

This acquisition confirms the Enel Group’s objective to develop its renewable asset portfolio in geographies with greater regulatory, political, macroeconomic and currency stability.

Furthermore, this transaction follows the Enel Group’s acquisition of 626 MW of hydropower assets from Acciona in Spain announced on November 15^th, 2024, and is in line with the Group’s new power generation development strategy, which is selective, profitable and open to brownfield opportunities (assets in operation). 

The closing of the acquisition announced today by Potentia Energy is subject to conditions precedent typical for these kinds of transactions, including the approval from Australia’s Foreign Investment Review Board (FIRB).

Potentia Energy was recently announced as the new name for the jointly owned company that has been operating as Enel Green Power Australia since 2017. Potentia Energy’s current portfolio of operating plants comprises 309 MW of solar capacity across South Australia and Victoria, and a 75 MW wind farm in Western Australia. Construction is underway on a 98 MW solar and 20 MW battery hybrid project in New South Wales, with an additional 93 MW solar farm under commissioning in Victoria. 

Potentia Energy has rights secured for a development pipeline of over 7 GW across Australia and is committed to an ambitious growth agenda, targeting a significant increase to its installed capacity across wind, solar, storage and hybrid projects throughout Australia.

[1] Equivalent to 50%. The remaining 50% is held by INPEX CORPORATION

Enel is a multinational power company and a leading integrated player in the global power and renewables markets.

At global level, it is the largest renewable private player, the foremost electricity distribution network player by number of grid customers served and the biggest retail operator by customer base. The Group is the largest European utility by ordinary EBITDA^[1].

Enel is present in 28 countries worldwide, producing energy with more than 89 GW of total capacity.  

Enel Grids, the Group’s global business line dedicated to the management of the electricity distribution service worldwide, delivers electricity through a network of 1.9 million kilometers with more than 69 million end users. Enel’s renewables arm Enel Green Power has a total capacity of around 65 GW and a generation mix that includes wind, solar, geothermal, and hydroelectric power, as well as energy storage facilities, installed in Europe, the Americas, Africa, Asia, and Oceania. Enel X Global Retail is the Group’s business line dedicated to customers around the world with the aim of effectively providing products and services based on their energy needs and encouraging them towards a more conscious and sustainable use of energy. Globally, it provides electricity and integrated energy services with more than 55 million customers worldwide, offering flexibility services aggregating 9 GW, managing around 3 million lighting points, and with 28,400 owned public charging points for electric mobility.

^[1] Enel’s leadership in the different categories is defined by comparison with competitors’ FY2023 data. Fully state-owned operators are not included.