Renewables developer and independent power producer TagEnergy has acquired Australian developer ACE Power, adding 6 gigawatts (GW) of renewable energy and storage projects to its portfolio, the company said.
The transaction, financial details of which were not disclosed, brings TagEnergy’s combined Australian portfolio to over 10GW and expands its local team to more than 60 staff with the addition of ACE Power’s 27 employees.
ACE Power’s projects include wind, solar and battery energy storage systems (BESS), among them the proposed 101-megawatt Yabulu Solar Farm in Queensland and several hybrid projects with a total of 4.6 gigawatt-hours of storage capacity. One of the largest developments in the portfolio is the Hillview Energy Hub in New South Wales, which features 250MW of solar, 200MW of wind and a 1,000MW/8,000MWh BESS.
TagEnergy said it acquired ACE Power from investment firm Pelion Green Future, which earlier this year sought capital to expand the business and put its 80% stake up for sale. The company also bought the remaining 20% from minority stakeholders, completing full ownership.
“ACE Power has built a strong reputation as an agile and trusted local developer, and we’re thrilled to welcome their talented team into TagEnergy,” Chief Executive Franck Woitiez said. He added, “We’re integrating ACE Power’s deep expertise in early-stage development with our capabilities in commercialisation, delivery and long-term investment.”
ACE Power founder and managing director Andy Scullion will lead TagEnergy’s development function in Australia, while current head of development Théo Imbert will move into a new role focused on strategy and integration.
Advisers on the deal included White & Case for legal counsel, EY for tax and financial advisory, Aurecon for technical due diligence, and Willis Towers Watson and BMS for insurance. Premier Strategy advised on community engagement.
