Three are located within the Gippsland Renewable Energy Zone, but all have a 22 kilovolt distribution line nearby, according to the flyer.
A portfolio of five solar and battery storage projects in Victoria totalling 30 megawatts has hit the auction block, as joint venture partners BNRG Renewables and Leeson Group seek a buyer willing to supply $65 million in capital expenditure.Street Talk understands the assets are the first tranche of a wider 100MW solar and 220MWh battery energy storage system the Irish-Australian duo has been developing since 2019.
A four-page flyer, titled Project Bravo mailed out by sell-side adviser Pottinger to prospective buyers, said the up-for-grabs first tranche includes the Anakie, Lancefield, Longford, Maffra and Flynn projects – all ready to build at a cost of about $13 million each. From there, it should be about five months until construction after design and procurement are sorted, making them ready to power 8,000 homes by September 2025.
The second tranche, which includes NSW projects in addition to Victorian ones, should be ready-to-build by Christmas.Of note, the JV targets projects that are sub-5MW each instead of shooting for high boilerplate capacity. This, according to the flyer, allows for faster development and construction, while minimising regulatory risks. Further, investors can avoid bottlenecks on investment in the transmission network – all of which means a shorter wait to cashflows.
Dublin-headquartered BNRG Renewables is led by its founder David Maguire, and partners with developers and investors to finance, own and operate renewable energy projects. It has 1.5GWh of capacity up and running, with a 4.4GW solar pipeline. Leeson Group has been building integrated solar photovoltaic projects for two decades. Their combined portfolio includes 573MW in operational capacity across 50 projects across seven countries.
The joint venture has about 70 staff, led by Sid Simon as the general manager. It targets smaller-sized distributed energy assets.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.
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