Global investment firm Igneo Infrastructure Partners has inked a binding agreement to acquire 46 MW of operating distributed energy assets across about 240 Australian sites from Sydney-headquartered commercial and industrial (C&I) renewables specialist Green Squares Energy.
The portfolio of behind- and front-of-meter solar and battery energy storage systems will serve as the launch pad for Igneo’s new distributed energy platform Vertis Energy.
Led by former CWP Renewables and Squadron Energy head Jason Willoughby, Vertis will build, own and operate onsite solar and battery systems backed by power purchase agreements with C&I customers.
Willoughby said Vertis has been created to target the next phase of Australia’s distributed energy market, noting that C&I solar uptake is lagging household adoption despite businesses consuming more electricity.
IEEFA data shows Australia has installed about 22 GW of residential solar, compared with only 5.6 GW of C&I solar. Forecasts point to C&I solar capacity growing to as much as 31 GW by 2050.
Vertis will focus on onsite solar and battery solutions which Willoughby said will help businesses manage power costs, reliability and long-term exposure to the grid.
“Australian businesses have a major opportunity sitting at their own sites,” Willoughby said. “The question is whether they continue to simply buy energy from the market, or use the assets they can control to create more certainty and value over the long term.”
“Vertis is built to help businesses capture that value.”
Willoughby said the acquisition of Green Squares Energy gives the platform a strong operating base from day one.
“Vertis is entering the market with real assets, real customers and a clear role helping businesses capture more value from energy at their own sites,” he said.
The acquisition, subject to FIRB and ACCC approvals, includes 34 MW of behind-the-meter solar and 12 MW of small utility-scale front-of-meter solar farms with co-located battery energy storage developments. It also includes a pipeline of growth opportunities.
Vertis will also oversee Igneo’s existing distributed energy interests in Australia, including projects it owns with Sydney-based renewables company CleanPeak Energy.
Igneo’s Australian assets also include interests in more than 1.9 GW of solar, wind, and energy storage assets through its investment in Atmos Renewables. It has also teamed with United Kingdom-headquartered developer Harmony Energy to deliver grid-scale projects in New Zealand.
Igneo partner Daniel Timms said the launch of Vertis reflects the investment firm’s conviction in the long-term opportunity for distributed energy infrastructure, as C&I customers seek greater control over energy costs, reliability and performance.
”Utility-scale assets deliver the lowest-cost megawatts to the grid at scale, while distributed energy allow customers to take control of their specific energy needs and deliver customer specific cost savings – both are needed to achieve Australia’s ambitious renewable energy targets,” he said.
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