Ingenious forms $151m Aussie solar tie-up

The UK firm is targeting a pipeline of deals including a 120MW ground-mounted project amid booming appetite for renewables Down Under.

Alternatives-focused firm Ingenious has joined forces with Australian developer Stellata Energy to invest in solar generation projects across the country.

The partnership is looking to fund a total pipeline of more than A$200 million ($151 million; €134 million) worth of projects, the flagship of which is a 120MW ground-mounted scheme in Western Australia.

It is unclear which fund Ingenious will be using to fund the venture. Ingenious had not responded to requests for comment at the time of publication.

On its website, the firm says it invests on behalf of both retail and institutional investors alongside its own capital, and claims to have deployed more than £500 million ($509 million; €454 million) in renewables projects across the UK and Ireland.

Stellata, for its part, stated that it has developed 600MW of ground-mounted and rooftop solar across Europe since inception.

The news comes as Australia’s clean energy market heats up in the wake of policy changes supportive of the sector, with the federal government seeking to install large-scale renewables plant capable of producing 33,000GWh by 2020.

In the first two days of May, the state of Queensland hit financial close on four large-scale solar projects totalling 300MW, including a 148MW facility backed by Palisade Investment Partners, the Clean Energy Finance Corporation, VicSuper and HESTA.

Dutch-based DIF has also proven to be an active investor in Australian solar, deploying capital in three large-scale facilities in less than 18 months. The latest of them is the 125MW Clare Solar project, in which it has invested about A$250 million alongside Melbourne-based Lighthouse Infrastructure two weeks ago.