German energy firm Innogy has entered the Australian solar market.
The firm acquired two solar power plants projects in New South Wales, Australia, worth more than 460 megawatts from Overland Sun Farming. Construction is expected to start in 2018. They will require total investment of more than $494 million, according to Reuters.
“With the acquisition of two of Overland’s Australian solar development projects, Innogy is entering into a strongly growing renewable energy market,” CEO Uwe Tigges said in a statement.
The acquisition follows Innogy’s deal in December to buy onshore wind power projects with more than 2 gigawatts of capacity in the United States, its first move into the world’s second biggest wind market.
