Hong Kong-headquartered private equity firm Gaw Capital Partners has joined forces with Australian renewables developer Climate Capital as it seeks to advance an estimated $200 million pipeline of solar and storage projects.
Image: Climate Capital
Gaw Capital has acquired a controlling stake in mid-scale developer and asset owner Climate Capital with the Tasmanian company sharing that the investment will support its next phase of growth, which includes a shift in focus to larger-scale solar and battery energy storage projects.
Shane Bartel, chief executive officer of Climate Capital, said the Hobart-headquartered company has previously focused on mid-scale behind-the-meter solar and battery projects backed by long-term power purchase agreements (PPAs) but its scope is now expanding.
“Originally we targeted behind-the-meter solar projects with 10-year-plus PPAs between 1 MW and 5 MW in size,” he said, noting that the company’s four operating solar farms fall within these criteria.
“{But} with the benefit of maturing technologies and markets, we’ve now widened our scope to categories like sub-1 MW commercial and industrial projects, 1 MW – 30 MW solar and 5 MWh – 80 MWh BESS.”
Bartel said the support of Gaw – which has an estimated $49.3 billion (USD 35.6 billion) under management – ensures that the company is well positioned for its next phase of growth with a $200 million pipeline of opportunities, including a list of “near-term” projects.
“With Gaw Capital as majority owner and investment partner, the Climate Capital Group is able to quickly deploy capital into new and existing renewable energy solutions across Australia,” he said.
While Bartel said the platform is “actively pursuing” greenfield solar and BESS opportunities, and seeking strategic acquisitions to rapidly grow its portfolio, its initial focus is likely to be the expansion of its 2.5 MW Boonanarring Solar Farm in Western Australia and the 2.32 MW Junee Solar Farm in New South Wales. It also intends to install battery energy storage systems alongside the established PV power plants.
For Gaw, this transaction deepens its presence in the Australian market after it announced its arrival in 2024 with the launch of Valent Energy, a solar and battery energy storage platform with plans to develop more than 2 GW of grid-scale projects.
Christina Gaw, global head of capital markets and co-chair of alternative investments at Gaw, said the combination of Valent and Climate Capital expands its exposure across both distributed and grid-scale segments of the energy transition.
“Climate Capital Group brings strong expertise in the behind-the-meter solar and storage segment, which is highly complementary to Valent Energy’s focus on grid-scale battery energy storage systems and aligns closely with our broader energy transition investment strategy,” she said.
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