Australian infrastructure manager Infrastructure Capital Group (ICG) has agreed to buy a 75 percent stake in the Australian Renewable Energy Trust (ARET) for an undisclosed amount.
ICG is acquiring the stake in ARET on behalf of the firm’s Australian Renewables Income Fund (ARIF), a renewable energy fund focused on acquiring and developing large-scale wind and solar developments, as well as energy-from-waste projects, large-scale battery storage and pumped hydro.
ARET is a renewables platform and partnership being established by ARIF and ENGIE Australia & New Zealand, a joint venture between global energy giant ENGIE and Japanese trading house Mitsui.
As part of the deal, ARET will be seeded with the operational 119-megawatt Willogoleche Wind Farm in South Australia. According to ICG, Willogoleche is located near major energy loads and has a robust grid connection, as well as a power-purchase agreement with Simply Energy that extends to 2030.
The in
