Innogy SE acquires two solar power projects in New South Wales

Innogy SE plans to acquire two solar power plants possessing a capacity of more than 460 Megawatts in New South Wales.innogy SE is progressing in growing a value accretive solar business through the purchase of two large-scale solar development projects from Overland Sun Farming (“Overland”) in Australia, one of the leading Australian development companies.

The projects entitled “Limondale” and “Hillston” with a combined capacity of more than 460 megawatts (MW) are located in New South Wales. The parties signed all relevant contracts, with the transfer of the project companies to innogy anticipated to take place in the second quarter of this year. All parties involved have agreed to keep the terms and conditions of the transaction confidential, including the purchase price. The acquisition is subject to certain standard conditions, including land and planning arrangements, as well as review by Australia’s Foreign Investment Review Board and approval from Australia’s Federal Treasurer from a foreign investment perspective.

Uwe Tigges, CEO of innogy SE states “With the acquisition of two of Overland’s Australian solar development projects, innogy is entering into a strongly growing renewable energy market. This is a perfect fit with our strategy to deliver sustainable bottom line growth in accordance with innogy’s financial targets to maximise value for the company and our shareholders. Execution of the two photovoltaic power plant projects is in line with innogy’s hurdle rate framework and funding capacity.”