AGL Energy has added Global Infrastructure Partners (GIP) as its 49 percent equity partner in the Energy Transition Investment Partnership (ETIP).
ETIP is an investment vehicle designed by AGL for Accel Energy to develop, own and manage an initial 2.7 gigawatts of quality renewables and low-carbon firming assets. These projects will help Accel maintain its position as one of the largest operators and off-takers of renewable energy in Australia and to drive the country’s energy transition. Additional projects and capacity will be added to the ETIP pipeline in the coming years.
Accel and GIP will jointly fund A$2 billion ($1.4 billion) of equity to ETIP, with GIP paying A$94 million ($66 million) for its share in the development pipeline. Accel will hold the other 51 percent stake in the vehicle.
“There was strong interest shown in ETIP by a number of globally renowned infrastructure investors, and we are excited to have selected Global Infrastructure Partners