Infrastructure Capital Group (ICG) and international energy major Shell are buying the Australian business of New Zealand鈥檚 Meridian Energy in a A$729m (鈧�469m) deal.
Under the terms of the agreement, Australian manager ICG will become the owner of Meridian鈥檚 infrastructure assets in the Mt Mercer and Mt Millar wind farms, in Victoria and South Australia respectively, and the Hume, Burrinjuck and Keepit hydropower stations in NSW. ICG will also pick up Meridian鈥檚 infrastructure development assets.
Shell鈥檚 energy operations arm will become the owner of the retail business, Powershop Australia.
Tom Laidlaw, managing director of ICG, said: 鈥淣ot only does this significantly scale our renewables portfolio but the addition of hydro comes at an important stage as we look to diversify with well-established, well-located assets.
鈥淭he proposed Hume hydro BESS presents a unique opportunity to develop what will be a meaningful milestone for renewables in Australia and something we hope to replicate elsewhere.鈥�
Shell Australia chairman Tony Nunan said Powershop will form Shell鈥檚 residential power platform in Australia, extending Shell鈥檚 existing position as Australia鈥檚 largest dedicated retailer of electricity to commercial and industrial customers.
鈥淭his acquisition is another example of how we are continuing to grow our footprint in Australia to meet customers鈥� evolving needs through the energy transition.鈥�
Meridian鈥檚 chief executive, Neal Barclay, said the deal represented an exciting opportunity for the future of the Meridian Energy Australia business, given Shell鈥檚 and ICG鈥檚 intentions to grow their respective renewable energy and retail presences in Australia.
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